Do you agree with Michael Moore that 100% of blame falls on Wall Street?
He said he doesn't blame Wahington at all for being paid off (on Piers Morgan). Also people do not deserve any blame for overspending. It's ALL Wall Street.
- Anonymous9 years agoFavorite Answer
I tried to ask him about this, but he was too busy counting his money.
For the benefit of the Michael Moores of the world, who seem to suffer from selective amnesia:
Frontline: The Warning - the story of Brooksley Born, the Clinton appointee who was shunned by the Clinton admin for advocating regulation of derivatives.
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown
Bill Clinton "democrats at fault for Fannie & Freddie
The Glass-Steagall Act was repealed by the 1999 Gramm-Leach-Bliley banking deregulation act, which passed with overwhelming majorities of both parties in both houses of Congress, then it was eagerly signed into law by Bill Clinton. The 2008 meltdown was attributed directly to this law.
Arthur Levitt, Jr. was the longest serving head of the SEC. Do a Google search on him, see what pops up.
He was appointed by Clinton in 1993 and again in 1998. He left in 2001, so he covered the entire Clinton administration.
Levitt gave Madoff a free pass because they were both members of the Harmonie Club, a social club for the ultra wealthy in NYC.
Madoff was first reported to the SEC in 1992:
Report: Regulator was tipped off about Madoff fraud as early as 1992
"a suspicion of trouble at Madoff Investment Securities arose as early as 1992 when customers of Avellino & Bienes, a fund that invested all its money with Madoff, complained about documents making a seemingly impossible promise of "100%" safe investments. Although the SEC shut down Avellino & Bienes, the agency only made a "brief and very limited" examination of Madoff."
Avellino & Bienes was shut down by the SEC in 1993, the year Levitt took charge.
Levitt also gave a special exemption to Enron, exempting it from accounting rules. This special exemption led directly to the Enron scam and the subsequent meltdown of the company, which took down a major chunk of the economy with it. It also led to the discovery of similar fraud at many other companies, fraud that got its start in the Clinton years.
If I was going to pick one individual who was most responsible for the rampant fraud of the Clinton years, it would have to be Art Levitt.
- Anonymous9 years ago
Moore is a F**King idiot.
He's a left wing prick
His documentaries are anything but
And you want to believe that fat blob now ? As if he has any credibility ?
For the uninformed moron leftists out there, lets recap...........
Clinton put poor people into houses they couldn't afford.
Janet Reno threatened banks to make subprime loans
ACORN and Obama pushed law suits against Citibank for not making these bad loans
It was Democrats in charge of Congress at the time along with the housing and Banking committee's
Democrat Congress stopped Bush from limiting Freddie and Fannie, while democrats put down orders for Freddie and Fannie to take on as much worthless paper as possible.
So i'm not seeing the Republican fingerprints on this crisis at all. So when will the ignorant pricks in America realize that left wing BS doesn't work. And everytime a "REAL" conservative runs for office, the corrupt politicians of Washington with a compliant lib media shoots them down.
- midnyteryder1961Lv 79 years ago
Michael Moore is a waste of 8000 lbs of MacDonald's food. Did he crap on the flag with the rest of the OWS bowel movment?
Here's a clue OWS, if you don't like the corporation, don't buy their product. If you interacted with a corporation in some other way, pray tell what was it.
If you are PO'd about bailouts you are not even in the right city to protest about that. The city you should be is Washington DC.
I understand, the secret leader of the OWS bowel movement (Obama) has told you not to protest there since it would not reflect well on him. Have fun doing whatever it is that your secret leader tells you to do.
- SocratesLv 79 years ago
Michael Moore is a fool of the 1st caliber. In fact, even if you don't happen to know anything about an issue, you can almost always get an insight of the correct answer by listening to his and know that his is the wrong one.
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- T.CLv 49 years ago
I think of it more as 80:20%
People deserve about 20% of the blame, because they knew that they couldn't buy a house for $1000 a month if they only made $300 per month, they knew that they didn't need that new boat, they knew that they didn't need all of the new things that they got during that time.
I give 80% of the blame to W.S. because:
1) Federal Reserve cuts interest rates to essentially zero.
2) Large banks start borrowing lots of money from Fed.
3) Large banks start giving out loans to people who were not credit worthy.
4) Banks sell loans to other firms, lumping them into "Mortgage Backed Securities."
5) Credit rating agencies rate the mortgage backed securities as AAA.
6) Pension and mutual funds buy up the AAA-rated mortgage backed securities.
7) Banks use money from selling loans to repay Fed, make profit.
8) Massive foreclosures causes the mortgage backed securities to lose their value rapidly.
- ZerstorerLv 49 years ago
It goes back to Carter, and the fair housing act, which was put on steriods by Clinton who told the banks they must and they will give loans to people who cannot afford them, in otherwords sub prime mortgages. Wall Street saw a sucker in that one, and took it. and who could blame them?
Now of course the economy has failed and everyone is blaming Bush, mind you the idiot Bush did nothing to prevent it which is what he should have done, instead he fanned the fire and let it spread.
And yes people deserve to be blamed 100%, Banks should have gone under, GM/Chrysler as well, for it is OK to be greedy, but not a pig as pig are lead to slaughter.
Who else is to blame? The education system in this country which used to teach reading writing and arythmatic. They taught you how to balance a check book, taught you the rule of 3 for a mortgage. 3X's your annual salary - your debts is what you can afford. FYI now it is the rule of 2.5 thanks to big oil. For now they teach you not how to be self sufficiant, but instead how to blame eveyrone for you faults, your stupidity, ineptitude, it is not your fault, it is everyone elses. Well I am everyone else, and I am here to say BULL!!! YOU are responsible for YOUR actions, stand up and take care of yourself for a change and quit blaming everyone else for your stupidity.
Michael Moore is the perfect example of blame everyone else for his stupidity. Soon he will be forgotten as he will suffer a massive heart attack from over eating and lack of excersize which is someone elses fault and no one will care.
- qwertLv 79 years ago
That's like blaming sugar for Michael Moore being fat.
- Anonymous9 years ago
LOL.....Micheal Moore got pretty rich by selling "movies" in a capitalistic society. I think he is an overweight piece of donkey crap. We spend more than we have as a society itself. No-one is innocent when it comes to this fact. I live in the ghetto where people who live in run down shacks drive Escalades and BMWs.
- BoraxLv 69 years ago
No, I don't agree with Michael Moore about lots of things. As everyone knows there is lots of blame to go around for the 2008 meltdown.
- Brian C.K.Lv 59 years ago
I think Michael Moore is scared to death as he should be...Did you see him quiver on Piers Morgan? I'm rich, but it's not me...it's not me...What a hypocrite. The folks who admire the guy are clueless.Source(s): Michael Moore is suing for movie proceeds because he said he didn't get enough. Bashing the very Capitalism that made him wealthy.
- janhoiLv 69 years ago
i wouldn't say '100'% because a lot has to do with the government who was in the back pocket of wall street, and the public who bought into the false notion of living a life they couldn't afford. Its a whole way of life and mentality hat has to be changed. But i support occupy wall street