Who do you blame for the recession

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So many people quote the bankers as the root cause of the recession, personally I think its misplaced and believe the main cause of the recession was the goverment (previous to current obviously). I believe the bankers took advantage of the situation but believe strongly they did not per se cause it.

So who do you think caused the recession :

a) Bankers
b) Government
c) Someone else (who?)
 
Global down turn not helped by risk taking banking practices that were allowed to happen by a government who deregulated the system and made no provision for the bursting bubble and who sold all of our gold when it was worth its least value. So in answer, all of the above.
 
The recession? Banks, governments, rating agencies and the public.

The public spending crisis? Labour.
 
i dunno who to blame for the recession but our current goverment is not helping the suituation in the slightest by trying to get us back into black asap, my council has to save 35million this year, our budget guy held a meeting and was explaining what 35million is to a council. he said

"road works shut
old peoples homes shut
waste collection shut(thats me)
(he said a couple of othert things to but cant remember)
and thats only 24million"
 
So many people quote the bankers as the root cause of the recession, personally I think its misplaced and believe the main cause of the recession was the goverment (previous to current obviously). I believe the bankers took advantage of the situation but believe strongly they did not per se cause it.

So who do you think caused the recession :

a) Bankers
b) Government
c) Someone else (who?)

Bankers

If you get a chance to see it watch "Inside Job" and if your still not convinced try "Enron the smartest guys in the room" to see just how far and by how much bankers and the like took every last penny they could, precipatating this financial crisis.
 
You cant blame the bankers for trying to make as much money as the system allows them to.

The fault lies with the governments for complete deregulation of the financial sector.

However a lot of what Goldman Sachs, Morgan Stanley, Deutsche Bank did was very very wrong (example selling credit default swaps to bet against the same mortgage securities that they are selling safe AAA rated investments).
 
i dunno who to blame for the recession but our current goverment is not helping the suituation in the slightest by trying to get us back into black asap, my council has to save 35million this year, our budget guy held a meeting and was explaining what 35million is to a council. he said

"road works shut
old peoples homes shut
waste collection shut(thats me)
(he said a couple of othert things to but cant remember)
and thats only 24million"

Why do councils always go for the emotive things to cut?

Is your council labour by any chance?
 
You cant blame the bankers for trying to make as much money as the system allows them to.

The fault lies with the governments for complete deregulation of the financial sector.

However a lot of what Goldman Sachs, Morgan Stanley, Deutsche Bank did was very very wrong (example selling credit default swaps to bet against the same mortgage securities that they are selling safe AAA rated investments).

You appear to be confusing deregulation with ineffective regulation. There was and still is a lot of regulation around the financial sector, it's just that much of that regulation actually made the problems worse not better...
 
To those blaming the bankers do you not think it was the goverments responsibility to prevent exactly this over borrowing and dodgy risk taking (as our duly elected representatives).
Do you not think they knew it was going on but didn't stop it purely as they knew it would impact their political ambitions? Hence failing in their duties?
 
Why do councils always go for the emotive things to cut?

Is your council labour by any chance?

yea my councils labour but they didnt actully close down anything, just cutt from it. voluntary redundancies, single status overtime ect. i earn £16000 a year, i think they should be sacking the fat cats on 100000+
 
So who do you think caused the recession :

a) Bankers
b) Government
c) Someone else (who?)

Bankers, (US)Government, Ratings agencies and the people who took out sub prime loans and failed to repay them are all to blame.

The US govt pressed US banks to make more loans available to ethnic minorities, US banks did so, some clever little banker types packaged up the debt and some silly rating agencies gave it ratings it didn't warrant. A significant number of people who took out sub prime loans didn't manage to repay the debt - the whole system started to fall apart.
 
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