Economy: Who to blame

[SaDeR]

Who would you blame for the US economy problems.

Here are some choices I will put up:
Congress
Democrats
Republicans
George Bush
Greedy people in business
The people that couldn't payback their loans in the housing market

You are free to choose more than one and you can put up your own if you like.

Also you can give reasons why you said the person or persons is the one to blame. And if your going to pick other it would be good if you could post who.

[Scar Face]

"Other" in my case is Bill Clinton, I think the distinction between him and the Democrats is important, considering he was in power and enforced deregulation on Fannie mae and Freddy mac so passionately.

I'm blaming Democrats/Republicans/Congress largely for failing to foresee and stop this. Obviously some are more guilty than others, namely those who actually supported these policies, rather than simply failing to stop them.

[Gaidin]

Other: Everything and the kitchen sink.

[Oglethorpe1983]

Whose to blame?.... How about all of the above (to various degrees)

Congress: In 2005 it had become apparent that Freedie and Fannie were becoming too risky...too little capital coming in and too hih risk loans going out... Even Alan Greenspan said serious reform was needed...a bill was put forth but the DEMOCRATS in the Senate opposed it...stricktly on partisan issues...

Democrats: This issue goes all the way back to Carter and the ideas of putting everyone in homes... a politcycontinued by Clinton. High risk low income people were given ARM loans...with little or no money down (sometimes they were even paid) with no ability to keep up th emortages they defualted.

Republicans/Bush: They are to blame too.... Republicans and Bush knew that there was a major prob emerging...but as the emocrats had stopped any feasible solution do to party and ideological issues... the only thing that they could to is publically put a positive spin on it.... instead of saying we have a serious problem on the horizon...they said we have record number of people (low income and minority families owning homes)

Greedy Corps: These s knew the was going to hit the fan... so they bundled bad loans, sold them off made thier millions and allowed the rest of us to get screwed

People: There are just as much at fault... they knew they couldnt keep up a 500,000 dollar mortage....but they are anourmed with the entitlement socioty we have developed... they said well the gov't will bail me out..so they allowed the mortages to default (they had nothing invested) so when if went to pieces they werent hurt...

**Also** and this is thanks to the Dems and Congress** (for all you who want to put it all on Bush/Rep/Corps....over 5 million illegal immigrants were given shoody home mortages.... but I mean..theres nothing wrong with that...right??

[Crimson Scythe]

I think it's really the idea that debt is acceptable that is the true problem. Maybe it's just the way I was raised, but I simply don't spend money I don't already have. Sure I have credit cards and a line of credit, but I only use them to ease cash flow and earn a little extra interest on my deposits. The idea of purchasing what you need and then figuring out how to pay for it, instead of the other way around, is a common problem that I see both in Canada and the US. And it is compounded by the fact that credit was made easily available simply for the sake of keeping consumption going.

[SaDeR]

Actually I was thinking about putting Bill Clinton up there. This problem started 12 years ago when he was in office.

[Kiljan Arslan]

Democrats under Reagan and of course Clinton

COngress Under Reagan, Clinton, and Bush

Republicans see above

Bush for continuing what predecessors did, and saying everything was fine

Buisness leaders for lobbying congress

oh and libertarian economics professors for putting ideology before common sense.

ourselves for believing them.

[SaDeR]

Annn, I wouldn't say Bush, The Bush administration did try to pass bills for the housing market and that stuff, in 2005 and at other times to, but the democrats in congress vetoed it.

[bushbush]

Bush and his loose monetary policy.

[Georgy Zhukov]

There's no single person to blame, it was a combination of misfortune and bad policy. People like to have a definite cause on what causes something but there usually isn't one.

[Aziel]

Obviously, People that couln't afford to pay back money in the housing market.

[roy34543]

People. Frankly if you dont read the fine print on a mortgage its going to screw you. If you get a mortgage that costs 5-30 times what you could make in your lifetime and you sign it its your own stupid fault. Frankly the people that sold them the loans are technically to blame too, but theyre just trying to make money and you cant expect them to pass up on getting huge bonuses from their companies simply because they know theyre technically pushing a idiot into bankruptcy which they know doesnt matter because the guy next to him would sell them a mortgage if he wouldnt.

[BeachedWhale09]

All of the above plus the federal reserve and stupid economists that don't know their own field. Go on youtube and watch what Ron Paul and Peter Schiff have to say about this. Its Austrian economic theory. You can't keep expanding an economic bubble on credit and debt.

[Kiljan Arslan]

All of the above plus the federal reserve and stupid economists that don't know their own field. Go on youtube and watch what Ron Paul and Peter Schiff have to say about this. Its Austrian economic theory. You can't keep expanding an economic bubble on credit and debt.

Having those guys in power would make another great depression!

[FailedCrusade]

Blame the clinton era congress for repealing glass steagall and deregulation of derivatives.... the federal reserve under greenspan for keeping interest rates low.

[danzig]

Where is "all of the above" option? Honestly though if one is to place any blame on one person or group the blame HAS to fall on Bill Clinton. As much as Reagan economic growth was revealed to be a myth thanks to debt Clinton's economic expansion is proving to be the same with his action on Fannie Mae. That said though all of the above is the more accurate description.

Annn, I wouldn't say Bush, The Bush administration did try to pass bills for the housing market and that stuff, in 2005 and at other times to, but the democrats in congress vetoed it.

A tidbit of info often overlooked in the current blame game and amusingly led to NBC pulling SNL skit about it for "editing"

[Anachronist]

The Capitalist pigs

[eddy_purpus]

Congress
George Bush
Greedy people in business
The people that couldn't payback their loans in the housing market
...
im i right ?

[Pent uP Rage]

Congress
George Bush
Greedy people in business
The people that couldn't payback their loans in the housing market
...
im i right ?

You are pretty much spot on imho. But the people that "couldn't pay back their loans" stemmed from the "greedy people in business". After 9/11 when the fed dropped interest rates to 0%, people were buying up houses left and right. But it was those people that didn't read the fine print on the balloon payments. After 5 yrs or so they were beginning to see that they were going to start paying interest..and back interest as well. That's why they couldn't afford it.

So, it was Al Qaida!!!! Those darn terrorists!!!

[Grobar]

Lenders are guilty for letting people borrow money against ever increasing equity in their homes due to high increase of house prices in the last decade. Once the house prices went down, lenders didn’t have enough security for loans they gave and went broke. Financial institution used to have more strict lending policies but they changed it to free up the market.