Whome duo you hold most responsible for the financial turmoil in U.S.A?

India
October 11, 2008 5:03am CST
The financial and credit crisis,which has given a horrible jolt to the U.S.A economy and convulsed the European economy as well,has started spreading its tentacles of terror over several Asian and emerging economies too.Stock markets across the world tumbled heavily last week. whom do you blame or hold most responsible for such unprecedented crisis in the financial system- the Government,financial institutions,regulators or general public/consumers?
4 responses
• United States
12 Oct 08
Arkie's right, but more of the blame must go on the shoulders of those many people who tried to get away with things they had to know couldn't possibly be for real! In truth, though, I don't care much for blame. I want to know what's going to be done to get it all straightened out.
• India
12 Oct 08
Thanks for nicely responding and sharing your viewpoints.the crisis is gradually getting tougher and more critical,defying all measures being taken at this eleventh hour by the Government.It is true that it is not the time to blame and to remain indifferent.It has turned to become a global problem and needs united understanding and efforts to tackle this issue,on a global perspective.It needs complete revamping and cleaning the whole political and financial system by the people at large,through consensus and consultative approach. Thanks.
• India
12 Oct 08
Thanks for nicely responding. I do understand your concern about the gravity of the crisis.The financial mismanagement created by a group of people at Government and the concerned institutions have caused havoc for many families in U.S.A and other countries in managing their livelihood.The people need to get awakened to respond boldly to prevent the crisis before it goes out of control by changing the existing system and leadership. Have a nice day!!
• United States
12 Oct 08
Being poor isn't fun, At least I can stretch things to make ends meet. I know far too many people who are not able to keep up. The current Depression is causing so many people to suffer from depresseion, it's appalling. Costs increase, but incomes don't. Therfore, even if your job is secure, you're relatively broke. Why didn't we stop this before it got out of hand? I don't know. We need to work really hard at demanding honesty and integrity among the leaders in government and finance so that we can rebuild before there's more devastation!
@Arkie69 (2156)
• United States
11 Oct 08
I hold the Governments not only of the US but other countries most responsible for this mess. We pay our governments to police these kinds of things and protect their people from them. The different governments over the world didn't do their jobs and look after the welfare of their people. There is no doubt in my mind this was cooked up here in the US but other countries went for it too. Most people with over a third grade education know when it comes to money most people will do anything they think they can get away with to get it. This is exactly what happened this time both outside the governments and inside them also. You can be sure our people in Washington took millions under the table to allow this thing to happen. They thought they could get away with it and if we are not real careful they will. There is only one answer to this problem and that is for the people to have the power to totally control the government and everything they do. It's time we the people got off our butts and went to work looking after our best interest too.
• India
11 Oct 08
Thanks for nicely responding and sharing your insightful view points. I feel,you are right by raising allegation against the Government for creating such financial mess and instability. The Government is nothing but the collective and representative whole of the people at large.The Government only represents the voices of the people.The unfettered and insatiable consuming and credit habits and attitude of the people have probably prompted the Government to use such liberal and unregulated policies to suit the people's choices.The society and the people as a whole need to closely look at the root of this critical problem and need to bring about radical changes/reforms in the management of finance and economy. Have a nice day!!
@Arkie69 (2156)
• United States
11 Oct 08
A lot of people are to be blamed for this mess all the way from the people that accepted loans they couldn't repay all the way to the ones that made the loans. Our government was right in the middle of all this and knew exactly what was happening. They should have stopped all this long before it became a problem. We are paying hundreds of experts that are supposed to be keeping the people in Government informed in such matters. Our Government was advised in this but they took no actions to control it or stop it. The people of this world have got to wake up and take charge of things. It doesn't matter if it's China or the US people have the same God given rights. I think it is time for the one world government we hear about but one that is totally controlled by the general public. We have got to remove the control of big money out of our government. The interests of the rich are not and has never been in the best interest of the average person. In the US I would be in favor of putting everything in the hands of the State governments and completely eliminating the Federal Government. This would keep so many people from being effected by a few peoples greed and bad decisions. It would bring our Military home and get their noses out of a lot of places they don't belong. It would stop a lot of these little wars that brings so much hate down on the American people. My point is there are a number of things we could as a united people that would put a stop to most of this crap that hurts so many people. The only thing that stops this is the fact the people are not united.
• India
12 Oct 08
I do appreciate your concern and feelings.The people at large needs to realize the roots of the crisis and find a consensus and consultative approach. We are now living in a world of much global character and unified base. The Government machineries as well as the citizen groups of many countries are only concerned with their individual interests of restrictive nature without having a global vision and ability to adopt unified strategies and solutions to address to larger issues. The people of the world need a global leadership endowed with broad and matured mind,greater sense of honesty,integrity and commitment for global peace and prosperity,forgetting all narrow and individualistic differences of regional character.It is high time for the people to think of an unified global Government machinery with uniform rules,policies,currencies and systems,taking away all kinds of narrow boundaries and restrictions. Have a nice day!!
@ANTIQUELADY (36440)
• United States
12 Oct 08
our wonderful president w/a little help from his friends.
• India
12 Oct 08
Thanks for nicely responding and sharing your view points.We are all sailing in the same boat. It needs strengthening and reforming the existing machinery and policies,in a global perspective.For that,we need to have a committed and dedicated leadership. Have a nice day!!
• United States
12 Oct 08
I hold the CEOs and management of the financial institutions the most repsonsible for this mess. They definitely had help from the politicians, who either repealed or changed the laws or regulations for their main contributors to their re-election campaigns. As is has been said, "the love of money is the root of all evil", well, another root is the love of power. They all thought they could get away with it, but now that the gigs up, unfortunately its going to be the taxpayers that will foot the bill. Some of the blame also goes to the people who over-mortgaged their homes for money they could not repay. Especially those who thought they could 'get away' with borrowing more than they could repay. Those that were duped (or scammed) into taking out the loans, thinking that they could repay because it was so easy to get the loan (they mistakenly thought the banks and mortgage companies would be looking out for their best interests), these are the ones that are as much as victims as the US taxpayers are going to be.
• India
12 Oct 08
Thanks for nicely responding and sharing your insightful viewpoints. I do absolutely agree with you; it is a complex and vicious circle involving many vested interest groups.I understand that the lusts for money and power are the root causes of the crisis which could have been avoided with early diagnosis and strategic actions. The people need to learn a great lesson from this situation mostly fueled by their insatiable hunger for excessive luxury and affluence without considering their limitations and capacity. It is not the time for mud slinging,but we need to find ways and means to restore normalcy and stability. The Government needs to bail out the affected groups,both public and institutional,at much faster rate. Have a nice day!!