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What Caused the Financial Meltdown?
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<blockquote data-quote="sortaisle" data-source="post: 404643" data-attributes="member: 17605"><p>The whole financial meltdown is based on one thing. Greed. The government made the loan standards easy to let people who never owned a home before more accessible. Is that such a bad thing? No, not in the least. The government made it accessible to the financial institutions, but it's the institutions CHOICE to use those loan standards. Now what are these institutions going to tell their shareholders when the chance for an obscene amount of money to be made comes along? That they think it's a bad idea and they'll regret it in the future? Those companies would have been out of business overnight. What this shows me, is that the base ideas of economies here in America are sound. The economics work. It's the choices of those running the economy that has failed us. The government can regulate how they do business if we let them, but that would make us a social government, and that's not who we are at heart. If I'm wrong, then I'm wrong, but from what I can see and tell, we have a freedom to make money how we want to. It's when the love of money takes a precedent over the common good that meltdowns happen.</p></blockquote><p></p>
[QUOTE="sortaisle, post: 404643, member: 17605"] The whole financial meltdown is based on one thing. Greed. The government made the loan standards easy to let people who never owned a home before more accessible. Is that such a bad thing? No, not in the least. The government made it accessible to the financial institutions, but it's the institutions CHOICE to use those loan standards. Now what are these institutions going to tell their shareholders when the chance for an obscene amount of money to be made comes along? That they think it's a bad idea and they'll regret it in the future? Those companies would have been out of business overnight. What this shows me, is that the base ideas of economies here in America are sound. The economics work. It's the choices of those running the economy that has failed us. The government can regulate how they do business if we let them, but that would make us a social government, and that's not who we are at heart. If I'm wrong, then I'm wrong, but from what I can see and tell, we have a freedom to make money how we want to. It's when the love of money takes a precedent over the common good that meltdowns happen. [/QUOTE]
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