Resolved Question

Who is to blame for the credit crunch?

I need substantive facts please

Best Answer - Chosen by Asker

jif said it right! I have one more to blame is our educational institution, I graduated from high school in 1995 and only got a week snapshot of managing personal budgets and importance of credit cards. All of this went right over our heads. In college in our principle of finance course It was a blessing to have Dr. Paulson half of the course was solely on personal finance. The other three professors that taught that class only spend a week on personal finance as. Dr. Paulson predicted this mess we are in this was back in 1998. She said consumers and big business are too greedy now. She pushed for a manitory 2 credit class on personal finance to all majors in the university, it failed. If there was more education and yes Dr. Paulson explained sub prime lending. The consumer would be much more educated on this. this is my 2 cents.

There are currently no comments for this question.

Other Answers (9)

• I think somewhere along the line we (the general public) need to take our share of responsibility. Yes the banks have a lot to answer for and were irresponsible lending to people who couldn't afford the debt but who were they lending to?
  
  We were the ones that wanted the consumer goods and houses we couldn't afford and applied for the 125% mortgages, credit cards, loans, overdrafts etc that we couldn't afford to have or pay back and now we're all saying it's the banks fault for lending it to us.
• You cant just point a finger at one politician its all governments all round the world they are the greedy scumbags that are draining away our cash on needless stupid things if not just lining their own pockets lets face it thats been revealed in the papers but believe me thats just the tip of the iceberg
  if the real truth got out about the way they are misusing our cash there would be a civil war

  Source(s):

• first I would suggest you read the following retrospective from CNBC:
  http://www.cnbc.com/id/31489482/
  
  second, once you finished reading it you will probably be disgusted with the entire American financial system.
  
  finally you will realise that every household (i.e. Main street) has been deeply screwed by the vampires of Wall street.
• Well! definitely not the poor and needy of this world, or the unemployed, the aged, disabled and ill, but these and others like them suffer!, for what, to give greedy fat-cats more?. and we let them!, Can you blame them?...

  Source(s):

• 1. Borrowers
  2. Lenders
  3. Credit Rating Agencies
  4. Investment Banks
  5. Government Regulators
  6. Congress
  
  The blame spreads all around. That's the inconvenient truth. Those who point to just one party are kidding themselves.
• banks..
  
  they borrowed short and leant long
  they leant to idiots,
  they borrowed from worse (bankers)
  
  the entire mess is their fault, as they had no constraints on themselves of their customers .
• 1. Lenders
  2. Borrowers
  3. The Government for not regulating lending
• The jews.
• bush. it's all bush and his stupid wars