Who is to blame for the economics problems: By 60 to 31 percent it is the government, not Wall Street

John Fund at the WSJ Political Diary has this:

An Oxford-style debate held last night at New York's Rockefeller University featured an argument over whether Washington or Wall Street "was more to blame for the financial crisis." Before the program began, the 700 audience members voted to pin Washington with more of the onus by 42% to 30%, with 28% undecided. After spirited exchanges between six debaters, the post-debate vote was a knockout against the Beltway -- 60% fingered the nation's capital with more of the blame, with only 31% choosing Wall Street.

Last night's debate was joined early when historian Niall Ferguson listed four entities he said played a major role in the financial collapse -- the Federal Reserve, the SEC, Congress and the White House. "You will note all of them have addresses that end with Washington, D.C.," he concluded. The opposing team was led by Nell Minow of the Corporate Library, a research firm that rates boards of directors on corporate governance issues. She tripped up in the eyes of many by claiming that campaign contributions from Wall Street to naive Washington politicians meant that the nation's capital was "a victim" in the financial meltdown. . . . .

A transcript of the debate is here.

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Blogger The Right Guy said...

Hey john. I also read about two polls, CNN and Rassmussen, where most people supported the president's stimulus plan, but most believe it won't help. Where is the disconnect? How can you support something you believe is feckless?

As far as what John Fund asserts, I am surprised it was only 60%.

3/19/2009 9:22 PM  
Blogger Harry Schell said...

Anybody watching Chrissie Dodd forget and then remember inserting the bonus clause in Porkulus, and Timmy Geithner denying it was him but "staff" who told Chrissie to fix the bill...and Barney Frank claiming Fannie and Freddie were fine just a month before regulators seized them...and let's pass over the retention bonus deal for Freddie execs...

Dodd and Frank have decades of "experience" on the respective Senate/House Banking committees, and both have chaired such committees since 06.

Where are they on the record that there was a major problem with subprime loans and disaster was possible? Show me, please.

So far as I can tell, they promoted this crisis. And now they present themselves as part of the solution.

Then we get to Crissie's mortgages, and Barney's bailout of Maxie's investment in a teeny bank in MA...and similar stuff.

My momma raised some stupid children, but they are my brother and sister.

How about your momma?

3/19/2009 9:26 PM  

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