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Timewarner

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Bloomberg and Koch Deeply Split Over Blame on Fiscal Ills Who is to blame for the financial status of our country? That question brought current New York City Mayor Michael Bloomberg and former Mayor Edward Koch at odds. Bloomberg, who was a very successful billionaire before running for mayor, nonchalantly kind of dismissed the question by saying “it’s entertaining to go and to blame people….but it doesn’t get better by complaining about it”. He was referencing to the protestors of Occupy Wall Street. Koch on the other hand, took a view point from the community instead by saying how “there’s something wrong with a kid who steals a bike going to jail and someone who steals millions paying a fine.” He sees how the ones doing the real damage in this city tend to get away with things that disrupt the financial state of this country, while other crimes tend to receive harsher punishment. Later in the argument Bloomberg says the banks are not to blame for the crisis, rather it should be the Congress taking the burden because they were the ones who forced certain deals to get done which are now hampering us. While Koch disagreed, saying the banks should be the taking the blame because they abused their relationship with the customers and that is the reason they have been getting fined. And again he added how a fine is not enough, and would like to see them punished criminally. In this debate, I believe both current and former mayor have good points on who is to blame for the financial crisis. Congress is to blame for not putting a stop to loans being given out so easily, but banks also should talk the blame for doing unlawful business with customers and in some cases taking advantage of them.

Source: http://www.nytimes.com/2011/11/02/nyregion/bloomberg-and-koch-split-over-blame-for-economic-crisis.html?_r=1&scp=2&sq=financial%20crisis&st=cse

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