Both of you are very civl and respectful of each other's viewpoints. I Just don't have enough knowledge to follow you two guys' arguments or have a valid opinion of my own.
What caused the financial crisis? 30 minute video, but a good one. Mr. Black says mostly what we have covered in this thread. Failure by the regulators, fraud by the loan originators, fraud by the banks, fraud by the bond rating agencies. Mr. Black was a regulator during the S&L crisis in the 80's. YouTube - BILL MOYERS JOURNAL | William K. Black | PBS
I agree on the quality of the debate. I learned a great deal. Apparently there is good reason why nobody in our govt. seems to have a handle on it. Probably beyond their scope and so many implicated. Just sad. It will be interesting to see what textbooks will say years from now.
Heist! 15 minute movie, Bob Crandle (former airline CEO), Alan Blinder (former fed executive), former Goldman Sachs director. Good balanced analysis.
For a guy that stands up for the military power of the US so much you sure do think we should be scared a good bit...
Causes of the financial crisis involving mortgage backed securities In the continuing saga, we have this charge of FRAUD against Goldman Sachs. I expect a barrage of civil suits against Goldman by the parties that lost money on these deals, and then that will be the precedent to sue Merrill Lynch, Citigroup, Morgan Stanley, etc. SEC Charges Goldman Sachs With Fraud in Structuring and Marketing of CDO Tied to Subprime Mortgages; 2010-59; April 16, 2010 We will see more of this, such as this similar suit against Merrill Lynch: Merrill Used Same Alleged Fraud as Goldman, Bank Says (Update1) - Bloomberg.com Bring back Glass Steagall. Of course the credit default swaps that Goldman bought in order to profit for the collapse of Abacus were from AIG, and when AIG couldn't pay off, TARP put 170 Billion into AIG and they paid Goldman 100% of the value of the CDS profit. Nice business if you can get it. This is horrible, and was orchestrated by Hank Paulson (treasury secretary at the time and ex-Goldman Sachs CEO!) and Tim Geitner (then head of the NY Fed and now treasury secretary). I don't suppose there's any connection there thought... :nope: There is PLENTY of blame to go around, but corporate greed looms large in this disaster. Now, if we can just get some perp walks out of this.
predicting what will happen more than 2 years from now is nearly impossible. think back to Bush's 1st term. The way he handled the immediate aftermath of 911, I figured there was NO WAY possible he wasn't getting re-elected (and by a landslide). Yeah, he still won, but it was a whole lot closer than most would have guessed back in Sept/Oct 2001.
