Opinion

Fright and confusion in the financial crisis

In these days of widespread panic and distrust I, a patriotic and informed citizen, find myself wondering exactly what entity and/or individual should be held responsible for this current international financial disaster. The intricacies of the atrocity are rather fuzzy in my mind, but some scattered details about things called “credit” and “housing markets” and “interest rates” and “why didn’t anyone with the ability to affect events see this coming” ring in my ears.

Irresponsible lending institutions must be responsible. If those faceless monopolies were to have inculcated their leaders with traditional values before they began to succumb to the lures of greed and easy money there would have never been any defaults on any loans anywhere! As an informed citizen I understand that when someone cannot make payments on their loan(s) it is the fault of the bank. Some people never should have gotten loans and, darn it, it isn’t their job to know that! If you make $20,000 per year it is perfectly reasonable to assume that you can get a loan for a $250,000 home on terms you can afford.

Well, perhaps that isn’t quite fair. Maybe the blame can be placed as squarely on the people that took the unrealistically attractive loans as on the lenders that offered them. But… surely that rings false. There certainly aren’t multiple reasons for this condition. Asserting that we live in an age where the current crisis is only the natural result of trends years in the making is simply a blatant lie. 

Oh, I know there are those in the media that would tell you that these current troubles are the fault of more people than can be counted and that the solution will likewise have to be multifaceted. They’ll surely say that greater restrictions need to be placed on lending and they may go so far as to suggest that those restrictions should be placed on loans made to the banks themselves. Some might speak of the necessity of recognizing that the world’s markets are too interconnected for the solution to come purely from the United States.

Can you possibly believe that kind of tripe? Who would be calling for a solution if they believed that the financial difficulties resulted from multiple problems? Don’t multiple problems require multiple solutions? There is one person or one entity to blame. We just need to find them.

October 12, 2008

Reporters

Andrew Hamner

Opinion Columnist


Around the Web
  • Miami Herald
  • UM News
  • HurricaneSports

A six-pack of Hurricanes notes on a Wednesday: ▪ The Miami Hurricanes are honoring their 1983 nation ...

With Jaquan Johnson still sidelined with a hamstring strain he suffered on Saturday against Toledo, ...

The Miami Hurricanes are running low on tight ends. But their receivers — notably sophomore speedste ...

A six-pack of Hurricanes notes on a Tuesday: ▪ The pretty even split of carries between Travis Homer ...

The University of Miami has lost another player to surgery, and the depth was already lacking at thi ...

The trailer for a documentary exploring the relationships between UM students and Holocaust survivor ...

New technology could help workplaces and schools identify violent intruders before they enter the do ...

A University of Miami professor has created software to detect fraud in standardized tests. ...

UM President Julio Frenk outlined the strategies of the Roadmap to Our New Century, part of his Stat ...

Students attending Monday night's State of the U address by UM President Julio Frenk offer thei ...

Estela Perez-Somarriba of the Miami women's tennis team will begin her fall campaign Thursday a ...

Through three games, Miami is No. 1 in the country in tackles for loss and the entire Hurricanes def ...

Jeff Thomas may be quiet off the field, but the sophomore has been consistently making lots of noise ...

The University of Miami soccer team is set to return to Cobb Stadium, where it will host No. 12 Duke ...

The Atlantic Coast Conference announced Tuesday the league slate for the upcoming 2018-19 season. ...

TMH Twitter
About TMH

The Miami Hurricane is the student newspaper of the University of Miami in Coral Gables, Fla. The newspaper is edited and produced by undergraduate students at UM and is published weekly in print on Tuesdays during the regular academic year.