As everyone knows we are deep in the middle of a financial crisis, but where did it start? how did it start? why? Could we do something to prevent it? who is the one to blame? Let’s answer each one of those questions and try to get to the bottom of it. The reasonable approach is to start from the beginning, let’s stay in the hear of the crisis, there were a lot of factors, every single one of them with its importance, but there are some decisive factors and there are aggravating factors, let’s stay on the decisive factors. The real beginning was in the United States, in wall street to be more precise (the where), the deal in wall street is simply to manage money, that is the heart of wall street, there are a lot of details but i will not get into them.
All wall street guys are basically the same, they want to have the next big stock and they will do anything to have it, everything was holding up until the divisors appeared, this was the first step, to make the situation worse many companies were abusing leverage, covering debt, thins lead to an instability in the financial market and the rating agencies were just turning their backs, choosing not to realize it and still ranking bankrupt companies with great grades, the government just helped by not looking into it and by not supporting legislation (the how and why). Nothing could be done, after Lehman Brothers it was already too far gone, we just had to sit back and enjoy the ride, when the news about the crisis were made public it was already to late, everyone in wall street, government and rating agencies knew that, they just chose not to tell the people, the same people that were losing their houses, saving and basically the work of a lifetime, every single one of those is to blame and nothing could have been done by the people but all the institutions that could have done something didn’t so the people just had to stay still. By the and of all we have a lot of people to blame but the victims were all of us and i don’t see anything to make up for it, i don’t get a wall street bonus and neither do you, this financial crisis just like any other was powered by acts of irresponsibility and disrespect and as always the people pay.
This was the story of a crisis that destroyed lives and will keep on to do so, but in time like this we have to work even harder, believe even more and hope for the best. I would just like to finish with a quote from a a movie, ”V for vendetta”, it’s something like this: ”People should not be afraid of their governments. Governments should be afraid of their people”, think about it.
About the Author
This article was written by An. D, writter of the blog economic review.
