Friday, February 11, 2011

econsalon: Macro Questions 2/7/11

econsalon: Macro Questions 2/7/11: "What was the single most important thing you learned from watching the short film 'The Crisis of Credit'?"


The single most important thing I learned from watching "The Crisis of Credit" is the greed and voraciousness of the investment bankers and lenders in concocting and approving sub-prime loans (the lenders) so those investments can carry the "risk" factor. To go out of SOP to tweak a system that is producing great rewards to lenders and bankers to begin with in such an irresponsible and gluttonous manner was eye opening and depressing. Anger also, anger at the greed and incredibly uncalculated credit and financial decisions that has affected so many Americans; many fiscally responsible Americans. Apart from the very expensive and cruel lesson which emerged from this crisis as far as increasing federal regulations and "eyes" watching the financial sector among other improvements and legislation, the most important thing I learned (and hope others have too) is the capacity money has to influence most humans, and what capacity ALOT of money has in corrupting and ruining others for personal gains. Greed and money and corruption go hand in hand, but the amount of fervor and methods utilized to bring the American economy to its knees by a sector of slimy pigs is spectacular in its selfishness and destructiveness.

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