Five key mistakes led to financial crisis
December 12th, 2008 at 09:36am Pat Cunningham
Nobel Prize-winning economist Joseph Stiglitz (above) SAYS a debate is looming over the causes of America’s financial meltdown.
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Applesauce
Pat Cunningham offers an unabashedly liberal perspective on national politics. A note of caution: The language gets a litttle salty on some of the sites to which this blog links. So, don’t say you weren’t warned. By the way, this blog’s name is inspired by the Will Rogers quote, “All politics is applesauce.” |
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December 12th, 2008 at 09:36am Pat Cunningham
Nobel Prize-winning economist Joseph Stiglitz (above) SAYS a debate is looming over the causes of America’s financial meltdown.
Entry Filed under: Uncategorized
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1 Comment Add your own
1. Mr. Baseball | December 13th, 2008 at 4:09 pm
To me, the real culprit in this meltdown is the greed and lack of regulation of the banking industry. We’ve had down cycles in the housing industry before, and the recent lending to non-qualified investors certainly would have hurt the economy, but it would not have been a crisis. It’s the derivatives created by the investment banks and the amount of money these banks poured into these very risky instruments that infected everything. It was short-term greed with no oversight.
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