Report: Consumers To Blame For Financial Crisis
A new report released from the Mckinsey Global Institute says consumers are to blame for the global financial meltdown of 2008. The Mckinsey report blames middle-class consumers… Americans, Britons, Canadians, and others for purchasing more home than they could afford.
The International banking Community and Wall Street have been looking for a way to deflect the blame of the global economic crisis for quite some time now. Their attempt to deflect blame has only increased the motivation of the consumer and the anger of the government.
The Obama administration has voiced their anger over the lack of attention the banks have given to homeowners in crisis. President Obama has begun to tell banks they will pay back the tax payers money or face consequences. The investigation of the Federal Reserve role in the AIG transaction is only one more step in the direction of fiscal responsibility on the part of the financial institutions who are ultimately responsible for the financial crisis the global community is now in.
Considering that the McKinsey Global Institute is directly tied into the international banking scene, international attorneys, multi-national firms, as well as the Swiss Banking Community, the statistics and conclusions should be looked at with scrutiny. This is according to one insider who has seen the motivation behind reports like these which make outlandish claims in order to effect the financial system as a whole.
The Mckinsey report is correct on one point, the credit/housing crisis is not over. According to the report, “the bursting of the great credit bubble is not over yet”. Still pending are the excess of triggered adjustable rate mortgages for residential consumers and the amount of debt due for commercial real estate. The report found that $1.3 trillion of U.S. commercial real estate loans will come due in the next four years. Refinancing that debt will be a challenge to an already strained financial system. A financial system that seems unwilling to take responsibility for the current conditions. Instead bankers are still involved in the practice of bundling such loans into marketable securities for sale on Wall Street for investors.
Comments
Leave a Reply
