Should the bankers and wall street crooks who caused 2008 crisis be punished?

Absolutely they should! The ring leaders involved should get the death penalty for knowingly ruinning people lives all for "profits". The CEO of AIG, BoA, Chase, Goldman sachs etc etc should all be put on trial and if found guilty should be sentenced to the death penalty!

 

You got it all wrong. They were forced to make sub-prime loans, or go bankrupt. By...you guessed it! The government. In an attempt to "house the poor." Unfortunately the road to hell is paved with good intentions.

The Community Reinvestment Act forced all banks who weren't making sub-prime loans, to lose out to competitive government counterparts which were making large quotas of sub-prime loans.

 

You seem to be a little bit behind the ball. Not only did they not get punish, or will they ever, but they got bailed out. Thanks Bush/Obama!!

And the death penalty is a little extreme, but then again you are an extremist, so it comes as no surprise that you would suggest something so stupid.

Plus, I doubt anything is going to happen to the folks at Goldman Sachs, since they were one of Obama's top donors in 08!!

 

Sure, punish the victims. My question is, should the people who voted for the current nitwit in the White House be punished? Well, worse than they're being punished with the rest of us?

 

Yes......start with this babbling idiot.......



.....but he must be sent to a woman's prison.
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What about the government goons that made the whole thing possible with crazy regulations, crazy government loans, and crazy low interest rates? Should they be punished too?

 

why won't your fearless leader do it ?

 

In a word, yes.

 

Wall Street wasn't forced to do anything. Were they forced to created CDO's, Credit Default Swaps, and derivatives?? Were they force to leverage themselves to death in these subprime mortgage backed securities?

Get out of here you crook... time to take the tin foil hat off!!

 

so when will the indictments come ?

 

Of course they weren't, but republicans will never take responsibility for anything they do, but constantly lie and try to shift the blame like six year olds.

 

I agree!

Since Barney Frank(D) was their ringleader and cheerleader, he should be the first to be hanged!

Barney Frank in 2005: What Housing Bubble?

[ame="http://www.youtube.com/watch?v=iW5qKYfqALE&feature=player_embedded"]Barney Frank in 2005: What Housing Bubble? - YouTube[/ame]

 

Despite the fact that wallstreet made a casino out of mortgages does not make them the primary cause of the crisis. The government through GSE's and low rates promoted toxic market forces that were the primary cause of the crisis.

The CDO's were allowed by the government to make more loans available. The ultimate blame is with the government playing God and not allowing the markets to operate properly.

 

Wouldn't it be great if this logic could be extended to all of the supposedly "voluntary" exchanges in capitalism.

By the logic you're using, the banks themselves are completely criminal. You tried doing business without a bank lately? The banks force all business-owners and most other citizens to deal with them, or else lose out to their competition.

 

Both sides deserve blame, but you're to partisan and Brainwashed to realize this. Sad really.

 

I find it impossible not hold both government and the financial sector accountable in regards to the financial crisis.

For starters, lets not forget the precedent that Ronald Reagan established when his economic staff deregulated the savings and loan industry due to passage of the Depository Institutions Deregulation and Monetary Control Act, and the Tax Reform Act of 1986. This brought the financial sector closer in respects to influence over government.

Next, the changes made to the Affordable Housing Act under Bush Sr., Bill Clinton, and Bush Jr. provided the goldmine for investment banks that helped create the housing bubble, although this was not the only reason.

Other important policies include the Gramm-Leach-Bliley Act, which prevented seperation of securities from loans and mortgages, thus creating the Securitization Food Chain. Passage of the Commodity Futures Modernization Act of 2001 allowed deregulation of OTC derivatives, which include CDO's, MBS's, and CDS's, products of risky, or subprime loans and mortgages.

The artificial lowering of interest rates during the early 2000's by the Federal Reserve provided another impetus for investment banks to make subprime loans or mortgages.

All of these moving parts, along with others, created a ticking time bomb in the housing and financial sectors that resulted in the popping of the speculative bubble, a massive financial crisis, and an economic downturn.

It was government's fault for providing the ideal setting for the financial sector to engage in this activity. However, it was the financial sector's fault for manipulating the playing field to the point of destroying the financial system and causing the economic downturn.

 

This is incorrect.

 

CDS's, CDOS, and derivatives have been around for nearly a 100 years. You think that suddenly they went bad? No, the core problem is the housing bubble, it has nothing to do with how the investors *reacted* to the housing bubble. Many politicians didn't see it coming, so did many banks. But even if the banks saw it coming there is absolutely nothing they can do outside of getting washington to drop the CRA. They either lose all their customers to FNMA and FDMC, or they go bankrupt trying to compete. Really the only choice is the latter. YOU are wearing the tin foil hat if you think the government can house people without raising the price of houses, above their value, and causing a snap-back.

How is that criminal? And its not the banks issuing these laws, its the government! And yes the current government is criminal. We have millions of unconstitutional laws, I don't think any democrat in office has ever even read the 10th amendment.

And you couldn't be more wrong to assume that businesses lose out to competition of they don't get a certain banks loan. For one they can go to another bank. And two they can go public in the stock market. And 3 they can take private investment money.

Ofcourse!

Wait a second. Oh, this isn't an argument....this is a STATEMENT! Silly me.

 

Nope! The government conspired with poor welfare parasites to cause the housing crisis, haven't you heard?!?!?!

 

lets not forget greenspan and the fed....they are just as guilty as anybody!

 

The following Treasury Secretaries and Federal Reserve Chairmen need to be held accountable for their actions:

Federal Reserve Chairmen:

1. Alan Greenspan
2. Paul Volcker
3. Ben Bernanke

Treasury Secretaries:

1. Donald Regan
2. James Baker
3. M. Peter McPherson
4. Nicholas F. Brady
5. Lloyd Bentsen
6. Frank F. Newman
7. Robert Rubin
8. Larry Summers
9. Paul O' Neill
10. Kenneth W. Dam
11. John W. Snow
12. Robert M. Kimmitt
13. Henry Paulson
14. Stuart A. Levey
15. Timothy Geithner

These people need to be investigated by Congress in regards to their actions in laying the groundwork for the speculative bubble, as well as the financial crisis of 2008. Congress investigated CEO's of the biggest investment banks, but they didn't decide to examine government bureaucracy.

 

So you want to let the criminals and enablers in congress responsible for Fannie Mae, Freddie Mac completely off the hook?
(Oh, and Greenspan and the boys at the Fed, of course)
Your thread is a laugh, then (more of a laugh now, I mean).

 

The CRA was a problem, but nothing about it forced the use of ARMs.

This isn't a simple matter of blaming the government for all of this or blaming the private sector for all of it. There are plenty of guilty parties among both groups.

 

How are they going to be punished? they control the media and our elections. if you are interested in punishing anyone read what I say

 

Only after the politicians who deliberately and with malice aforethought permitted the situations to arise in the first place.

If you own a dog, you don't shut it out and let it fend for itself. You do however feed it sufficiently so that it doesn't bite the hand that feeds it.

Wall Street ate the dog because your politicians thought it was a mouse.