Financial Crisis Was Avoidable, Inquiry Finds

Discussion in 'Politics' started by sargon20, Jan 26, 2011.

  1. sargon20

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    Not much of a surprise here but it is the 'official' government finding. The lesson is it could all happen again as not much has changed. And what has changed the Republicans want to undo.

    Financial Crisis Was Avoidable, Inquiry Finds


    WASHINGTON — The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry.

    The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans.
     
  2. Big_Red

    Big_Red Active Member

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    The 2008 financial crisis was... caused by widespread failures in government regulation

    Okay, that part is complete bullshit. Too much regulation caused that clusterfuck. Not too little. But everything else is true. It was the greed of shareholders and management that lead to that corporate mismanagement and heedless risk-taking by Wall Street
     
  3. maxcok

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    :confused13: How do you control greedy impulses without regulation?
     
  4. sargon20

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    Don't expect an credible answer to that.
     
  5. maxcok

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    And a hush fell over the crowd . . . . :cool:
     
  6. B_VinylBoy

    B_VinylBoy New Member

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    *crickets*
     
  7. B_crackoff

    B_crackoff New Member

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    Bugger all regulation - lots of forms to fill, but all practically designed in concert with the very companies who needed watching. Toothless sheep watching over wolves as I remember it.

    I think AIG's derivatives arm which caused an $85Bn bailout was being monitored from 4,000 miles away by one man & his dog - & even the dog had as much knowledge of the business that they were doing. Scandalous.

    Not one lying CEO in jail. Not one cent taken back from their bonuses.

    Even Madoff didn't have his records looked at for decades. Regulation?
     
    #7 B_crackoff, Jan 27, 2011
    Last edited: Jan 27, 2011
  8. B_VinylBoy

    B_VinylBoy New Member

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    *more crickets*
     
  9. B_crackoff

    B_crackoff New Member

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    Another pointless stalker comment. Yawn.
     
  10. B_VinylBoy

    B_VinylBoy New Member

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    *even more crickets*
     
  11. B_crackoff

    B_crackoff New Member

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    Stalkers are meant to be quiet. Try it.
     
  12. Pierced1953

    Pierced1953 New Member

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    not trying to get anybody angry, but i do hope everyone is also writing to all of your elected officials as much as you write on here.
     
  13. B_VinylBoy

    B_VinylBoy New Member

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    I posted in this thread before you did, so if anyone is stalking what you perceived as "an intolerant, bitter, angry black man with no life, who's also a socialist, a leech on the government, an anti-heterosexual, and an enemy to white people", it's you. Now follow your own advice, moron. With no profile photo to look at as well as an absence of logical intellectualism to match, it's no wonder why you would think anyone here is actually following you. But since you're here, why don't you answer a question that has been posted and not addressed by you or ANYONE else who disagrees with maxcok and a supposed "intolerant, bitter, angry black man with no life, who's also a socialist, a leech on the government, an anti-heterosexual, and an enemy to white people"... "How do you control greedy impulses without regulation?"

    Don't worry, I won't hold my breath. :rolleyes:
    *crickets disturbed by hysterical laughter*
     
  14. Drifterwood

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    Why didn't they read our threads two years ago? Same conclusions, no cost.
     
  15. eurotop40

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    Well, to me you come across as a very smart and respectable person.
     
  16. Speculator

    Speculator New Member

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    Yes the crisis was predicatable and preventable, but more regulation won't stop it happening again. The major problem is the systemic concentration of financial wealth (i.e gov'ts and major banks), these entities grow so big they're potential downfall threatens national and global stability, so instead of working to serve us we end up working to save them. This is an economy in reverse!

    The solution is the dispersal of wealth and free markets, but for many reasons doing this voluntarily and sensibly is impossible, so instead we'll carry on until our governments eventually go bankrupt. Only this morning the Japanese were downgraded by a major ratings agency.
     
    #16 Speculator, Jan 27, 2011
    Last edited: Jan 27, 2011
  17. Drifterwood

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    I'm not sure you know what money is, Spec.
     
  18. Speculator

    Speculator New Member

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    Do you care to explain or are you just sniping from the sidelines?
     
  19. sargon20

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    Take a history lesson. All the regulations that came out of the Great Depression is what kept it from happening again until the Masters of The Universe on Wall Street worked hard, real hard, during the last 20 years to get them all undone. They got their wish and guess what happened? Nope. No surprise.
     
  20. B_VinylBoy

    B_VinylBoy New Member

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    Thanks. :redface:
     
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