Date The Anatomy of A Murder: Who Killed America’s Economy? It is no doubt that the global economic crisis that occurred between 2007 and 2012 was the worst economic crisis after since the 1930s’ Great Depression…
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” attempts to explain who actually “killed” the America’s Economy and therefore should be blamed for the global economic crisis. In this article Stiglitz presents compelling arguments on who killed the economy based mainly on the notion of causation. He argues that in order to find out who killed the economy it is important to know what or who caused the crisis in the first place. According to him focusing on the notion of causation will not only help in fixing the current crisis, but also help to figure out how to prevent another crisis in the future. In the first part of the article, Stiglitz begins by noting that the notion of causation is complex as it not only involves the actions of the guilty parties but also on the behavior of others in the face of the actions of the guilty parties (Stiglitz 329). Stiglitz gives the issue an analogy of murder, which actually he has used in the topic of the article. He argues that when considering the case of murder the following persons should be identified: the person who pulled the trigger; the person who sold the gun; the person who paid the gunman; and the person who provided the victim’s whereabouts. This is crucial because all these persons are party to the crime. Therefore, Stiglitz argues that all parties, both institutions and people who were party to the causation of global economic crisis should be identified. ...
While the author believes that all the aforementioned parties contributed to the global economic crisis in one way or another, he believes that there are those who the blame should centrally be placed on; he says that “But I would argue that the blame should be centrally placed on the banks (and the financial sector more broadly) and the investors (Stiglitz 330).” This view is informed by his believe that the financial institutions and specifically the banks were supposed to be risk management experts, but they failed on this mandate. He vehemently disagrees with these institutions’ weak defense that it is their investors who made them to fail on their mandate. This is because the investors do not understand risk. In what Stiglitz refers as the “accessories to the crime” he points out banks were the main perpetrators of the crime, but with many accomplices. Stiglitz states that one of these accessories was rating agencies which greatly contributed to global economic crisis by providing ratings whose credibility were questionable. Another major accessory to this crime was the mortgage brokers who were less interested in originating good mortgages because they did not hold the mortgages for long. Besides, the author notes that home- equity loans encouraged customers to borrow against the equity thereby raising the total loan-to-value ratios which made mortgages to be more risky. The author also point out the regulators as being accomplices in crime. They did not recognize the inherent risks in the products that were being offered in the market. Also, they did not conduct their own risk assessments and were instead relying on credit-rating agencies or self-regulation (Stiglitz 332). He further argues that the financial regulators and regulation were not the
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This means a person is guilty of first degree murder if death results due to some felonies such is kidnapping, rape, robbery, burglary etc. One may be charged of first degree murder even if he is committing a different crime of domination. For instance a sexual assault, taking hostages or inflicting forcible confinement-in each of these aforementioned cases the intention is domination and the ulterior motives are different but if death occurs during the course of these crimes, then the murderer will be charged of first degree murder.
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