3 Myths of the Financial Crisis

[Tom Goans]

3 Myths of the Financial Crisis

MYTH #1: Greedy Bankers Preyed On the Weak

Greed is not unique to bankers. A culture of house-flipping, "liar loans," and easy money ran deep through the post-2000 culture.

MYTH #2: Glass-Steagall Would Have Prevented the Meltdown

MYTH #3: The Transactions Were Too Complicated For People to Understand

The bottom line is this:

• We ALL created the housing mess as a society - you, me, Wall Street, and the pandering financial dilettantes we voted into office. Unless we accept those hard facts as a society, we are doomed to be forever on the brink of yet another financial crisis.

[Abdul R.]

I tend to put more blame on the government. However I believe government, who we choose to lead us, are a reflection of us. In that respect we deserve what we get. We need to change. So the government can change.