AuthorTopic: Culpability of Gen X in Financial Crisis?  (Read 1568 times)

Offline ross

  • Global Moderator
  • Bussing Staff
  • *****
  • Posts: 161
    • View Profile
Culpability of Gen X in Financial Crisis?
« on: June 25, 2012, 04:42:22 PM »
Does Generation X have any culpability for the financial crisis?

I would argue, yes. Gen X middle-managers were directly responsible for creating, trading and facilitating CDS and mortgage bond derivatives.

I ask because this generational culpability seems to fall squarely on Baby Boomers and Gen X get's a free pass because they seem to have suffered the worst in terms of losses to net worth. I tried to bring up the culpability of Gen X in a Reddit thread and found some angry Gen Xers who told me I had it all wrong.

How do you see it?

For the record, I am an old Gen Y/Millenial ca. 1985

Offline g

  • Golden Oxen
  • Contrarian
  • Master Chef
  • *
  • Posts: 12280
    • View Profile
Re: Culpability of Gen X in Financial Crisis?
« Reply #1 on: June 25, 2012, 05:17:07 PM »
Does Generation X have any culpability for the financial crisis?

I would argue, yes. Gen X middle-managers were directly responsible for creating, trading and facilitating CDS and mortgage bond derivatives.

I ask because this generational culpability seems to fall squarely on Baby Boomers and Gen X get's a free pass because they seem to have suffered the worst in terms of losses to net worth. I tried to bring up the culpability of Gen X in a Reddit thread and found some angry Gen Xers who told me I had it all wrong.

How do you see it?

For the record, I am an old Gen Y/Millenial ca. 1985
You had it right Ross. They were backed financially by pigmen however, who enjoyed the despicable and evil actions of them as well as their total lack of scruples. They picked the nastiest and most morally bankrupt from a hand picked group and rewarded them with sinful salaries bonuses etc. It was a sort of  Olympics of pricks with the pigmen handing out part of the stolen money to the winners instead of a gold medal. Any bankster or pigman worth his salt had a group of them working for him in feverish competition with each other and other groups to ravage destroy and bring money home to the Big Pig. It was as bad as a locust raid on a crop as you can plainly see. Unfortunately, they are hardly done with us.   :(

Offline ralfy

  • Cannot be Saved
  • Bussing Staff
  • *
  • Posts: 118
    • View Profile
Re: Culpability of Gen X in Financial Crisis?
« Reply #2 on: September 08, 2012, 06:37:33 AM »
I think one was interviewed in the "House of Cards" docu. From what I remember, the implication is that risky bets were made because clients insisted on better returns on their investments. Similarly, ratings agencies gave better numbers because if they didn't their clients would seek agencies that would.

Offline g

  • Golden Oxen
  • Contrarian
  • Master Chef
  • *
  • Posts: 12280
    • View Profile
Re: Culpability of Gen X in Financial Crisis?
« Reply #3 on: September 08, 2012, 06:55:29 AM »
I think one was interviewed in the "House of Cards" docu. From what I remember, the implication is that risky bets were made because clients insisted on better returns on their investments. Similarly, ratings agencies gave better numbers because if they didn't their clients would seek agencies that would.

One of the saddest and most disgraceful events of the collapse. Credit agencies giving triple A status to worthless toilet paper signifies a degree of rot and corruption that I would not have been able to imagine until it happened.

They are still going their merry way rating things, with no one yet placed in jail for their crimes. I have lost all confidence in them and their ratings, and refuse to even consider them.    :exp-angry:

Offline ralfy

  • Cannot be Saved
  • Bussing Staff
  • *
  • Posts: 118
    • View Profile
Re: Culpability of Gen X in Financial Crisis?
« Reply #4 on: September 08, 2012, 07:23:20 AM »
Keep in mind that clients, which included not just rich people but the middle class, also wanted better deals. Thus, the move to more risk was inevitable.

Offline g

  • Golden Oxen
  • Contrarian
  • Master Chef
  • *
  • Posts: 12280
    • View Profile
Re: Culpability of Gen X in Financial Crisis?
« Reply #5 on: September 08, 2012, 07:30:12 AM »
Keep in mind that clients, which included not just rich people but the middle class, also wanted better deals. Thus, the move to more risk was inevitable.

I get it, the borrower set the terms of the loan to the lender?  Feel strongly that you should rethink that line of reasoning also my friend. 

 

Related Topics

  Subject / Started by Replies Last post
5 Replies
1567 Views
Last post June 23, 2013, 06:50:49 AM
by g
3 Replies
1145 Views
Last post October 31, 2016, 03:06:28 PM
by azozeo
0 Replies
311 Views
Last post July 28, 2017, 05:28:57 AM
by azozeo