by David Brown

Created on: February 25, 2009

The financial crisis, according to this writer, can be blamed on a number of factors. There is not one man or one man's presidential administration which can be blamed for the present day crisis. The present financial crisis that the United States is facing as well as the entire globe is something that we all have to shoulder and unfortunately, our future generations are going to have to shoulder as well.

Let's look at the financial crisis from a couple of angles as well as the fact that there is one word that has caused it: GREED. Greed is defined as the following: "An excessive desire to acquire or possess more than what one needs or deserves, especially with respect to material wealth." This is according to the following website: http://www.thefreedictionary.com/greed. Greed of the large corporations in the United States took over and caused major failure in the corporate world as well as on Wall Street. The pockets of the many CEOs grew larger and larger over time and they bought things and just forgot what it was to be fair and take care of those that really made a difference: the worker. The corporate CEOs bought corporate jets and they went on lavish holidays and they spent so much of their profit on themselves as well as wining and dining politicians that they forgot the one's who really made the difference for them. Again, the worker.

Now that we know where to start the blame game, we can also look at the different industries that made a difference in this present day crisis. First, we have to turn to the banking industry and the mortgage industry. To save time in this article, we can focus on the fact that most of the major banks were creating and delivering more loans to people and to businesses that could, from the beginning, not pay them back. This is the same as the mortgage companies that offered those so-called sub prime loans. These loans for those who knew they could not afford homes, so they took them to live out their dream and to finally see their dream shattered as the banks had to come back to them and take the same home that they loaned the money for.

This writer can remember not long after getting married how badly he wanted to get a house for he and his wife. They found a home and they were going to do everything to get it. The real estate agent gave them the name of a mortgage company. The lender called and discussed the options that they had. The only option that was going to be helpful was the sub prime mortgage. The lender did explain

• 1
• 2
• Next Page >>