@Cycloptichorn,
Cycloptichorn wrote:I declare you to be ignorant on the subject and unworthy of my further time. Anyone else who would like to address the subject of how the current crisis came about, I am more than happy to discuss this issue with; it is plainly clear that greed and avarice on the part of the Investment industry has led to our economic downfall, far more than any other factor.
I declare you, Cycloptichorn, to be a declarer of falsities out of ignorance and/or fraud.
Sigh! The following is old news.
The crisis came about as a consequence of the government passing laws (e.g., FM&FM) that reduced the risk of lenders lending money to those unlikely or even unable to pay back their loans. These laws guaranteed that lenders who experienced defaults on such loans would be reimbursed for losses on such loans.
That engendered greed among both lenders and borrowers. They thought they could knowingly lend/borrow money on the expectation that they would get bailed out in the event their otherwise risky speculative investments for large profits failed.
Now you will probably demand that I provide evidence to support my allegation here. Foxfyre has already done that several times, and earlier so have I.
You and other MALs (i.e., Modern American Liberals) have frequently retorted that the governemt
did not force borrowers and/or lenders to make or get risky loans. Yes, the government
did not force those loans to be made. It merely
advocated and in some case
threatened people or organizations into making those loans. The threat consisted of government (e.g., Barney Frank, Chris Dodd) threatening to legislate penalties on those who did not continue to
cooperate by making those loans when requested to do so.
The primary motivation of too many of our elected members of government for this
advocating and/or threatening of theirs, was their greed for the power they believe they can obtain from voters highly dependent on them to increase delivery of unearned economic security.