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Home › Money

Candice Bergen | 03/17/2009 11:00 pm

Candice Bergen Speaks Out on the 'Culprits' of the Downturn

By Candice Bergen RSS
Alert me to Candice's new posts
In response to: As serious as this economic downturn is, are we overreacting?
Candice Bergen
Fortunately, most of the wowOwowers have not been affected by the recession. All I know is my husband has come home EVERY DAY saying exactly the same thing for months: "God. It’s really getting ugly out there." Certainly the media has run like hell with it and there are some who think the media are responsible for causing it. But I think we can more safely look to banks among the culprits — and these insane loans.
Read more about: Business, Cable News, Economy, Finance, Media, Politics, Public Opinion, Recession, Society

21 Reader Comments (so far…) Sign In or Register to comment

N P

Candice,

I must be missing something, because your first sentence seems to contradict your second sentence. 

Anyway, I sure agree with your last sentence: "But I think we can more safely look to banks among the culprits - and these insane loans."   

By N P on 03/18/2009 12:51 am
Ro H

Ms Bergen,

The best I can offer is; make them ALL pay!

It just sickens me how the richest of us continue to stampede the least of us, and go away laughing about it.  As in how "we got away with it" or, "how we all fooled them!"  Ha! Ha! Ha!

To me, the lack of remorse and caring are the most criminal attitudes and behaviors of all!

By Ro H on 03/18/2009 12:53 am
Sabina Šmatová
Overreacting?! Our president Vaclav Klaus said, that this recession is something like the flu. I don’t know, if same opinion share men, who lost their job and who have families with the children and have to pay accounts…
By Sabina Šmatová on 03/18/2009 2:45 am
Roxanne Cohen
I don’t know if the media is the cause…I think it is the banks and the crazy loans, but certainly, the media has fueled the fire by keeping their reporting on the negative side.  
By Roxanne Cohen on 03/18/2009 5:28 am
Terrie Coles
I agree with you except for your first sentence.  I am not sure why you think we are not affected by the recession.  I am very much affected - I am just not whining about it.  I am making adjustments daily.
By Terrie Coles on 03/18/2009 8:00 am
Peggy Sue
I agree with you Terrie, being affected does not mean we need to whimper continually. Yes it is ugly out there but it is how we react to it that matters. I cannot change the wind but I can adjust my sails!
By Peggy Sue on 03/19/2009 3:23 am
Terrie Coles
Love it!!  That is my mantra today - I cannot change the wind, but I can adjust my sails!!
By Terrie Coles on 03/19/2009 8:52 am
Gena Beadlescomb
I lvoe your saying!!!! And love the cute pup
By Gena Beadlescomb on 03/19/2009 11:02 am
Paula Casagrande
When you all say "insane loans" are you talking about the sub-prime mortgages? Because I am a recipient of one of those loans and it worked for me. I had been renting a house in 2004, we had a freak rain stormdrains backed up and I had 2 ft of sewage in my home. No one would rent to me because of my 10lb dogs. I was homeless. A friend was in mortgages told me he could get me a loan…I got a non-dock 2 year fixed rate. I had bad credit and should never have been approved. I was so LUCKY that I was able to refinance in 2006 at a fixed rate or I would probably be one of those poor souls losing their homes now. I feel so bad for those people especially with everyone blaming them for our economic problems.
By Paula Casagrande on 03/18/2009 8:03 am
Beth Cornell
I haven’t been effected at all. Sure some of the stocks are down. But in the last few days have come up and stayed. So I am doing ok.
By Beth Cornell on 03/18/2009 1:31 pm
cora komm

Yes and no. I like to keep abreast of what is going on. But at times I’m not sure if they even know what they are talking about. For example, yesterday on the news was a segment, "What do you do when you have no money". It was totally different. It was more related to people who had stocks they could sell, 401K’s they could borrow against, etc., never once did they talk about a person who doesn’t have those resourses available to them. It made me worry more because even though right now everythings going well but, tomorrow it could be different. And then my children who never had this way of saving. What are they suppose to do when their unemployment runs out. I not sure what to think any more.  

By cora komm on 03/18/2009 1:58 pm
Fiona DaBitch
I agree that the media does tend to blow things out of proportion.  Although this recession does seem worse than the others.  Possibly because so many people overextended themselves.  I am a consultant to medium to large businesses and my income has been effected not because businesses are suffering, but because they are afraid (based on media reports) that they may suffer in the future.  Also, if companies cannot get credit because of greedy banks, they cannot expand.
By Fiona DaBitch on 03/18/2009 2:08 pm
Kathy Dyke
I really think the media has run like a "big dog" with this whole mess, butthen again without the media how would we know things like this insane story about AIG bonus’s? I can say hat job wise this hasn’t affected my family, my husband works for the government and my grown son has a decent job, not enough to live on his own, but pays his bills. The down side is that we have lost a large chunk of our 401 and IRA’s, we started behind our peers after 20 years in the Army and worked hard to catch up now that is gone. So we do spend less and save more but we save into regular savings now instead of plowing more money into the market for now.
By Kathy Dyke on 03/18/2009 4:43 pm
Nanny hasSeven
The media didn’t cause this economic mess, but they’ve certainly helped perpetuate it. But should we expect any less of them? Depending on their individual alliances, they sensationalize every news story, or they create stories where none exist. Just take a look back at our last election. I have lost most respect for them. I subscribe to mediamatters.org. where many of the media’s sins are exposed.
By Nanny hasSeven on 03/18/2009 11:06 pm
albert miller
Don’t expect any recovery of funds, or punishment of thieves. We would have to live in China to expect that. Maybe if we had an unowned Third party president and congress, there might be a flicker of hope. We will have to continue  supporting the financial,corporation tapeworms that rule our society.Where health reform is concerned, only the single payer(no insurance companies) system will help our society,which lags far behind all single payer countries.The news media is a propaganda tool for business, and in no way liberal. Notice how the last thing they mention is what the Republican party has to say about any issue? The average american will be in the toilet until the 90% tax is restored on the super parasites.
By albert miller on 03/18/2009 11:18 pm
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