Posts Tagged ‘Mortgage Crisis’
The Mortgage Crisis and Who Is To Responsible
Who Should Take The Blame For The Mortgage Meltdown
Are you confused about mortgages? Good. At least you know you are confused. The world economy has collapsed. Much of the world lays the blame for the collapse at the feet of greedy Americans. While this is patently unfair (who’s not happy to sell us crap?), it is true that three American parties do share the blame. The first two are those who bought homes they couldn’t afford and those who gave them mortgages. Of these, the most dangerous and most responsible party, the Federal Reserve Bank, is also the malefactor fingered the least.
The Federal Reserve increased the amount a bank could loan relative to the amount the bank holds in deposits. It is hard to argue that the increase to a 30-1 ratio was simple idiocy. Jon Stewart repeatedly hammered this point home when demolishing Mad Money host Jim Cramer on March 12th. Why is Republican Congressman Ron Paul the only politician in Washington pointing at the Federal Reserve Bank? Why are heads not rolling and careers ending at Treasury?. And they should pay. Congress must rescind the Bank’s charter and replace it with a central bank controlled by the Treasury Department. Read the rest of this entry »
