Burry Says No One’s Accepting Blame for Financial Crisis: Video
Thursday, September 9th, 2010 at
1:10 am
Sept. 7 (Bloomberg) — Michael Burry, the former head of Scion Capital LLC who predicted the housing market’s plunge, talks with Bloomberg’s Jon Erlichman about the financial crisis and the housing market. (Source: Bloomberg)
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The system is fundamentally flawed. This is the reason no one specifically really is to blame.
Canada’s housing market is nationalized. We have the CMHC which insures approximately 93% of all residential mortgages and some multi family building mortgages too.
It seems to work there however housing prices have risen exorbitantly over the past 10 years. The forclosure process is also much more in favor of the homeowner. Not sure if the Canadian system would work in the US…
@skazhiprivet
That is why we will have to rebuild it! I think the time has come for that…. to move forward!
why does she lick her lips when she describes the fortune he made??
@veritas327 -all that said, Canada, like many other countries from China to Australia have severe housing bubbles and will all eventually pay the price
@skazhiprivet – a good point although it has been suggested that there are just too many to blame to prosecute eveyone. I would believe that before suggesting “no one is specifically to blame”…although I get your point – the system is corrupt and riddled with fraud to it’s very core -national and local governments, banking and all it’s activities, and all corporate activities in general.
@bnfox – Yes. And I was thinking also of another aspect: that many decisions are legal and, singularly, may even be rational. But collectively, they compound to become something very different. Think of real estate. People buy, prices go up–and then people buy more real estate just *because* prices go up, thus pushing them up even more. Legal. Rational for the individual in the short term. But a totally irrational allocation of resources for society in the end.
@skazhiprivet – one of many feedback loops – though the individual works without the knowledge that the lending industry has with appraisers, agents, and brokers all in on the scam. But I get your point that these scam artists are all operating “legally” within a system that they justify by it’s very (questionable) legality. I still feel the institutions should have far more responsibility and that individuals are relatively blameless – the parasitic nature of biz counts on human weakness.