The 25 people responsible for the financial crisis

Here's the hit list, anyone want to take it up???The 25 People Responsible for the financial crisis

The son of a butcher, Mozilo co-founded Countrywide in 1969 and built it into the largest mortgage lender in the U.S. Countrywide wasn't the first to offer exotic mortgages to borrowers with a questionable ability to repay them. In its all-out embrace of such sales, however, it did legitimize the notion that practically any adult could handle a big fat mortgage. In the wake of the housing bust, which toppled Countrywide and IndyMac Bank (another company Mozilo started), the executive's lavish pay package was criticized by many, including Congress

Read more: www.time.com...

Oh and I know it's a 2009 article butit still applies today, and also I searched and didn't find another thread on this on ats. If ther's one it was not under the articles' title.



[edit on 29-8-2010 by ldyserenity]

[edit on 29-8-2010 by ldyserenity]

Its nice that they have provided a "face" to all of this mess but do you really believe that it is just 25 people responsible? couldn't these just be the scapegoats that benefited substantially from screwing other people? I mean who's really in charge here??

reply to post by The Endtime Warrior


Well the American consumer is also on the list. However I tend to disagree some of them were irresponsible, I was not, that is why I am comfortably ina house well it is a mobile home, but I knew better than to live beyond my means so it should state irresponsible american consumers because there are those who are and were responsible.

reply to post by ldyserenity


I had glossed over that list, and didn't even see "american consumer" there, how devilishly clever of them. If you don't live within your means, you just become a product of what the system was trying to achieve in the first place. Considering the government set up a banking system based around credits and debts, they had to have known it would end up someway like this. How can you teach the "value of a dollar" when there is no value to it to begin with?

reply to post by ldyserenity


As usual Time magazine's communist insurgent reporters leave out the number one criminal.

Ben Bernanke, chairman of the criminal federal reserve bank.

Without Ben suppressing interest rates, bailing out failed institutions, and creating moral hazard a gagillion ways to Sunday, we would not be in this situation.

The ultimate blame can be laid at the foot of one institution.

The federal reserve.

Time just happened to leave that entirely out of the picture.

reply to post by mnemeth1


Don't worry, they just inserted "american consumer" in place of Ben. Again, how cleverly devilish of them.

reply to post by mnemeth1


Well that's certainly true and I have no idea why they'd leave him out but put in others that had to do with the federal reserve like Clinton and Bush?
Go figure I am sure the list is much much longer than just those twenty four... without a doubt!

reply to post by ldyserenity


I think the mortgage crisis goes beyond just the banks, its even beyond governments and big businessmen on wall street. But if you want to catch a glimpse of the rabbit hole, i suggest this route.

Key points:
Fannie Mae and Freddie Mac, despite their troubles, remain critical parts of the enormous US mortgage market.
Both are now supported by a line of credit to the US Treasury.
Useful context for investors holding Fannie or Freddie bonds, or mortgage-backed securities.

Meaning China owns ALOT of US mortgages. How? Most Chinese investments are directly through the US treasury in which is just a branch of the Federal Reserve. Why the Chinese? THAT is really the question we should be asking...

Direct Link: www.schwab.com... ked_bonds.html

[edit on 30-8-2010 by AzoriaCorp]

Thanks for the links. Keep up the good work!

reply to post by mnemeth1


What about Wen Jiabao? He's a member of the Communist party of China.

Incomplete list.
Missing some big names like George Sorros.
While listing American consumers.

There are more than 25 people in Congress, and congress is to blame. Every social programs department in the Federal government is to blame (Social Security, Dept of Education, Fannie Mae, Freddie Mac, etc.). Politicians pushing loans to irresponsible unqualified people is to blame. Democrats are to blame. Republicans are to blame. Independents are to blame. The silent majority is to blame for their silence.