Is the recent financial crisis the result of theft?

[Question Everything]

America is not broke. Not by a long shot. The country is awash in wealth and cash. It's just that it's not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich ... The only thing that's broke is the moral compass of the rulers. And we aim to fix that compass and steer the ship ourselves from now on.

http://readersupportednews.org/opinion2 ... -not-broke

Questions for debate:

1. Is the recent financial crisis the result of theft by the richest 1% of the population from the poorest 99%?

2. If so, what should be done about it?

[Question Everything]

A few counter questions to augment Moore: Why do Americans consume so much? Are American interactions abroad in keeping with our future economic prosperity? What role does the media play in magnifying financial panic? Why don't consumers save more? Why don't they consume products that are more socially responsible? Why doesn't the population at large pressure the government more to have a balanced budget? Why don't we pressure the government more for increased workers rights, minimum wages, and benefit standards equivalent to European levels?

IMHO, I think it is because Americans do not have critical thinking skills. I blame religion for this, at least the type of religion that opposes science.

Whatever the reason for the lack of critical thinking skills, we need to totally reform our educational system so that it is based on thinking and reasoning ability instead of memorizing facts.

[theopoesis]

A few counter questions to augment Moore: Why do Americans consume so much? Are American interactions abroad in keeping with our future economic prosperity? What role does the media play in magnifying financial panic? Why don't consumers save more? Why don't they consume products that are more socially responsible? Why doesn't the population at large pressure the government more to have a balanced budget? Why don't we pressure the government more for increased workers rights, minimum wages, and benefit standards equivalent to European levels?

IMHO, I think it is because Americans do not have critical thinking skills. I blame religion for this, at least the type of religion that opposes science.

I find this hilarious. Blaming religion for over-consumption, under-saving, budget deficits, and decreased workers rights.

I wonder who is opposing the excesses of capitalism today. Is there a legitimate communist party in the USA? Is either party demonstrating (through legislation and budgets) a commitment to an alternate ideal? Are there any significant department of economics in a major university that is resisting the "Washington Consensus"?

I am only aware of a few sources of resistance:

(1) The Post-Development Movement in developmental studies (different from economics)
(2) Post-modernism in Continental Philosophy
(3) "Fair Traders" and a few advocates like Joseph Stiglitz (but they only want to tweak capitalism)
(4) Christians: The Jubilee Movement, the theological Academy like Stephen Long, William Cavanaugh, Sam Wells, Peter Selby, and popular groups on the three campuses I have been associated with. To be sure, many Christians are pro-capitalism (w/ all its excesses), but few pastors today leave seminary without having thought critically about capitalism

[Question Everything]

I find this hilarious. Blaming religion for over-consumption, under-saving, budget deficits, and decreased workers rights.

I am blaming the lack of critical thinking skills for over-consumption, under-saving, budget deficits, and decreased workers rights, and I am blaming the type of religion that opposes science for the lack of critical thinking skills.

Perhaps you can show how that type of religion improves critical thinking skills?

[theopoesis]

I find this hilarious. Blaming religion for over-consumption, under-saving, budget deficits, and decreased workers rights.

I am blaming the lack of critical thinking skills for over-consumption, under-saving, budget deficits, and decreased workers rights, and I am blaming the type of religion that opposes science for the lack of critical thinking skills.

Perhaps you can show how that type of religion improves critical thinking skills?

Perhaps you can demonstrate a correlation between anti-scientific religionists and over-consumption, under-savings, and budget deficits.

[East of Eden]

America is not broke. Not by a long shot. The country is awash in wealth and cash. It's just that it's not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich ... The only thing that's broke is the moral compass of the rulers. And we aim to fix that compass and steer the ship ourselves from now on.

http://readersupportednews.org/opinion2 ... -not-broke

Questions for debate:

1. Is the recent financial crisis the result of theft by the richest 1% of the population from the poorest 99%?

The recent financial crisis is the result of government (in the name of 'fairness') basically making it illegal for banks to properly evaluate home loans, and because of borrowers stupidly going along with it.

[Wyvern]

America is not broke. Not by a long shot. The country is awash in wealth and cash. It's just that it's not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich ... The only thing that's broke is the moral compass of the rulers. And we aim to fix that compass and steer the ship ourselves from now on.

http://readersupportednews.org/opinion2 ... -not-broke

Questions for debate:

1. Is the recent financial crisis the result of theft by the richest 1% of the population from the poorest 99%?

The recent financial crisis is the result of government (in the name of 'fairness') basically making it illegal for banks to properly evaluate home loans, and because of borrowers stupidly going along with it.

Continuing to make the same claim will not make it true. The banks did not care who they gave loans out to because they no longer held equity in the loans themselves which were bought out and repackaged into commodities for trading purposes. In order to fuel this new emerging market more and more home loans had to be made which were increasingly not even being made by banks anymore(most of the home loans that went default did not originate from banks). The private sector and especially the financial sector have shown repeatedly their inability to regulate themselves, there were no regulations in the 1920's, in the 2000's all the regulation enacted to forestall another great depression were finally removed and almost immediately the financial sector had to demonstrate they could not regulate themselves by causing yet another massive recession.

[asajoseph]

It's not fun to admit, but the cause of the financial crisis really sits a lot closer to home than people realize.

Banks certainly were reckless in who they lent money to. But for every lender, there was a borrower. Thousands upon thousands of people jumped onto the bandwagon, bought into the idea of free money and borrowed more than they could afford to repay.

Banks didn't take advantage of the poor, they took advantage of the stupid - of which, it turns out, there are a great many.