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Do you agree with the 'Occupy Wall Street' movement? Why or why not?

I understand that they're all coming together because they're frustrated with the way the economy is moving but.. do they have a unified goal? A fundamental agreement?

Im sorry about my english, I'm still learning :)

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Topics: economic protest

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  • Oct 10 2011: 4. Individuals lying on their mortgage applications. People who had no jobs and no income.

    5. Credit rating agencies rated bonds backed by pools of these mortgages as AAA.

    6. Because interest rates were low, cost of the mortgages to borrowers was low.

    7. Because interest rates were low, investors were eager to lend and buy products which had a higher yield, like mortgage-backed bonds.

    8. Certain tranches of mortgage-backed bonds were kept by the banks because they didn't yield enough for investors to want to buy them,. They were rated AAA by the credit-rating agencies so the banks didn't think they had much risk.

    9. Eventually the worst borrowers (sub-prime) started to default on the mortgages, the market started to find out about the problem of sub-prime, lending stopped to them.

    10. Lending to the housing market slowed, therefore buying of houses slowed. This caused house prices to go down because there had been overbuilding and excess inventory. This caused losses on mortgage backed bonds. The credit crisis then occurred.

    So, bankers are to blame?

    There are many actors in this complex system who can be blamed for not doing their job well or for abusing the system (as well as the system itself). Furthermore, it is the responsibility of the regulators (the federal reserve bank and greenspan) to monitor and oversee the system as well as politicians.

    The people who really stand out for me are:
    --people who lied on their mortgage applications --the mortgage origination companies who falsified info --the credit rating agencies for not doing better stress tests to see what affect a drop in housing prices would have --Politicians, Greenspan and the federal reserve bank for not putting a stop to the bubble

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