Monday, November 5, 2012

Exploration 8

What stood out the most to me was the fact that mortgage lenders intentionally gave away loans to people who they knew would not be able to pay it off. The people who gave out the loans also continue to make excuses even today. When the questioner was asking why Fredrick Michkin had quit his job during the middle of the crisis, he stated that he "had to revise a textbook." This is very disturbing because people are still not taking responsibility for their actions. As a result, they are making a bad name and appearing childish in front of the entire world.
The information does seem a little incomplete when the video cuts off a response of the people they are accusing. It may be that the person being interviewed will ramble on with more false information, but I feel as if the video should give them a chance to defend themselves even if they are guilty.
Wall Street executives continue to remain in power because of their wealth and their job position. It is a difficult job to find replacements for and politicians know more about the person already in that position than a different person who wants to take that position. The executives used their money to help hide their secrets as well.
I feel as if the people who made money from the recession should be punished with a large portion of their profit going into the economy. The fact that they can get away with such large amounts of money is ridiculous and I feel as if the rest of the country is being cheated out of their money.
 We can learn from our mistakes and have the government keep more of an eye on the banks and the people with major power in larger companies. Banks can no longer be trusted in my opinion but we still use them because we need a "secure place" to put our money.

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