2016 Postmortem

Babel_17

(5,400 posts)

80. Institutional responsibility is separate from individual responsibility

Mon Jan 18, 2016, 01:37 PM

Jan 2016

People are responsible for how they took out loans. The investment sector is responsible for bringing the economy crashing down.

Can we somewhat agree on that?

Individual homeowners didn't all approach the mortgage industry and say, "Here's an idea, make me complicit in a scheme to give out crazy mortgages to people who should think twice about getting good ones."

In the movies we sometimes see a criminal create a diversion by throwing lots of cash in the air. Nobody is surprised by the reflex of people to grab the cash. Taking out a mortgage is not a reflex, but the motivation of those throwing those mortgages around isn't fundamentally different from those of the criminal trying to get away by throwing cash in the air.

They both committed a crime, and were in so deep that that they had to play things out. Those mortgages were made available due to systemic failure. We saw the collapse they signified coming, and didn't stop it.

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Video Emerges That Shows Hillary Blaming 2007 Housing Crisis On Homeowners [View all] eridani Jan 2016 OP

Wow. Disgusting. She is still defending Bill's repeal of Glass-Steagall and refusing to reinstate it Green Forest Jan 2016 #1

Easy. The PTB of the Democratic Party backed Obama in 2008 and are backing her now. merrily Jan 2016 #29

I think lots of people/entities share the blame for the housing crisis. Hoyt Jan 2016 #2

Blaming it on homeowners was a PR effort to shift blame from the brokers... Human101948 Jan 2016 #4

I agree, but the reason the loans were unsound/garbage was part of the problem. Hoyt Jan 2016 #5

Who's to Blame for the Mortgage Mess? Banks, Not Homeowners Human101948 Jan 2016 #7

If banks had been saying No to loans, there would have been an uproar that the Hoyt Jan 2016 #8

and I guess Mbrow Jan 2016 #11

Huge +1! Enthusiast Jan 2016 #13

The illegal robot signings were a technicality. If I'm living in a house, I expect to pay someone. Hoyt Jan 2016 #34

Yeah, I'm sure that Woody Guthrie would have agreed with you brentspeak Jan 2016 #78

The robo signings were still a technicality that was used to forestall foreclosure -- which I'm fine Hoyt Jan 2016 #79

A totally discredited right wing argument... Human101948 Jan 2016 #30

Baloney. Banks said no to loans throughout all history, until crap mortgage derivatives. merrily Jan 2016 #33

Tax revenue? freedom fighter jh Jan 2016 #42

Property taxes, income tax on workers and builders, sales tax on new furnishing and stuff bought by Hoyt Jan 2016 #46

Indeed, the mortgage tax deduction is government action to promote home sales. freedom fighter jh Jan 2016 #61

I never trust any salesperson. And yes, the mortgage folks were only interested in closing a loan, Hoyt Jan 2016 #66

I think you've got more discipline than most Americans. burfman Jan 2016 #75

It's been real nice even if the original cause was neurotic. freedom fighter jh Jan 2016 #84

Makes perfect sense in retrospect. burfman Jan 2016 #85

Thanks, Burfman. freedom fighter jh Jan 2016 #88

Your attempts to absolve Wall Street of blame for the crash is inexcusable. It is established fact they ChisolmTrailDem Jan 2016 #70

Huge +1! Enthusiast Jan 2016 #12

For the most part, the loans were bad only if prices dropped. Otherwise if one got in trouble, they Hoyt Jan 2016 #82

Your posts are way off base. Since forever, banks were the ones who decided whether a borrower merrily Jan 2016 #31

I agree the system rewarded more loans. But the government didn't crack down on Hoyt Jan 2016 #40

FYI. Repeating yourself doesn't improve your position. It only wastes time. merrily Jan 2016 #41

Maybe the "average buyer should have had a clue" before taking out a mortgage the Hoyt Jan 2016 #44

IF every loan had been paid in full it couldn't have covered all the fraudulent derivatives Vincardog Jan 2016 #81

this is the heart of the matter SoLeftIAmRight Jan 2016 #86

Hillary IS TOAST on The Wall Street Stuff! THIS Just Adds More Fuel To The Fire CorporatistNation Jan 2016 #69

+ 100 n/t Peregrine Took Jan 2016 #77

Hillary is definitely the Republican kind of Democrat jfern Jan 2016 #3

Those bums! Helen Borg Jan 2016 #6

OMG how dare you dig up something that happened over 8 years ago davidpdx Jan 2016 #9

She's changed now. BlueJazz Jan 2016 #10

She didnt exist SwampG8r Jan 2016 #15

That's why I'm voting for Hillary. She told her audience of financiers to fix the problem. Then, she Hoppy Jan 2016 #14

Yeah, she fixed it all alright. Just like she solved Flint Michigan's notadmblnd Jan 2016 #35

She was the Senator of Wall Street. Ironically, this is one of her claims I actually do believe. DisgustipatedinCA Jan 2016 #16

Her campaign's coffin is nearly one solid sea of nail heads. Divernan Jan 2016 #17

Spread the Word... Upcoming Voters Deserve to Be FULLY INFORMED! CorporatistNation Jan 2016 #71

Good!!! newfie11 Jan 2016 #18

At least we know where her true allegiance lies. Vinca Jan 2016 #19

no video for me at link dsc Jan 2016 #20

Despicable IGNORE - nt KingCharlemagne Jan 2016 #21

As the person who responded to you shows, you are not allowed to be levelheaded about this. stevenleser Jan 2016 #26

Wrong. See Reply 31. Hillary is saying the same thing right wingers on CNBC were saying in 2008. merrily Jan 2016 #36

Here you go. JRLeft Jan 2016 #27

i mean the video where she says what is quoted dsc Jan 2016 #39

This quote? JRLeft Jan 2016 #45

Did you even read what you posted. Not ALL Wall streets fault. That means it is partially Wall stevenleser Jan 2016 #47

I guess as a Clinton supporter you're looking for a way to JRLeft Jan 2016 #50

I guess as a Sanders supporter, you are eager to distort anything his opponents say. nt stevenleser Jan 2016 #51

You know damn well she blamed the homeowners in that video, but JRLeft Jan 2016 #55

No, I'm not pretending she doesnt think homeowners deserve part of the blame. I'm reality based. stevenleser Jan 2016 #56

She's blinded by the Wall Street cash she receives personally and for her campaign. JRLeft Jan 2016 #57

That's an interesting attempt to move the goalposts from the field to the ocean but its meaningless. stevenleser Jan 2016 #64

not the one you posted dsc Jan 2016 #49

There was another clip in the video watch again the entire video.. JRLeft Jan 2016 #52

I saw it now dsc Jan 2016 #53

You can see you are not going to get anywhere even though you are clearly right. nt stevenleser Jan 2016 #48

Yeah, and cut it out! Or something. AllyCat Jan 2016 #22

it's amazing to me how anyone continues supports her. Javaman Jan 2016 #23

Bernie should air that ad. JRLeft Jan 2016 #24

Yes, and bring it up at the next debate. CharlotteVale Jan 2016 #28

In all likelihood, the next debate will be too late. They planned it that way. merrily Jan 2016 #37

There is one more scheduled in Feb, before Super Tuesday. morningfog Jan 2016 #59

Thanks! Just not before Iowa and NH. I must have conflated. merrily Jan 2016 #60

It's Hillary's 47% moment. Kalidurga Jan 2016 #32

OMG, her HUSBAND is one of those to blame for the housing crisis. The only good thing about her RiverLover Jan 2016 #25

Yep, and not only because of repeal of Glass Steagall, either, but she blamed it on Bernie!! merrily Jan 2016 #38

Seriously. There are no words. RiverLover Jan 2016 #43

Oh, RiverLover, please let it go. It creates cortisol in your body and cortisol is evil, merrily Jan 2016 #62

I'm going to print out your post... Ino Jan 2016 #73

"Now these economic problems are certainly not all Wall Street’s fault – not by a long shot." Bread and Circus Jan 2016 #54

Here you go~ RiverLover Jan 2016 #58

The quote I am asking about is not in that video Bread and Circus Jan 2016 #63

Here's the entire speech (and quote) Oilwellian Jan 2016 #67

Thank you very much. Bread and Circus Jan 2016 #74

Remind me who or what made available the option of paying extra fees to avoid documenting income? merrily Jan 2016 #65

It is the banks JOB to protect their depositers money. bvar22 Jan 2016 #87

Agree! merrily Jan 2016 #89

Yeah, that's pretty disgusting. EndElectoral Jan 2016 #68

kick Quixote1818 Jan 2016 #72

Kick azmom Jan 2016 #76

Institutional responsibility is separate from individual responsibility Babel_17 Jan 2016 #80

devasting. nashville_brook Jan 2016 #83

Disgusting is correct. She's a brought and paid for by the Banksters Bernblu Jan 2016 #90

Jesus... WillyT Jan 2016 #91

She's done azmom Jan 2016 #92