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{"id":1159538,"type":0,"block_id":"meischeese_1369332524","theme_id":31,"user_id":401818,"path":"US-Financial-Crisis","title":"US Financial Crisis","pubtitle":"US Financial Crisis","tags":"","public":true,"publicAccess":true,"private_link_enabled":0,"thumb":"https://s3-eu-west-1.amazonaws.com/infogram-thumbs-200/meischeese_1369332524.jpg","width":700,"copyright":null,"properties":{"publishType":0,"transparent":false,"rtl":false,"export_settings":{"showGrid":true,"showValues":true},"whitelabel":false,"embed_button":"enabled","title_link":"infogram","custom_logo":"infogram","custom_link_url":"","embed_button_text":"Share","decimal_separator":".,"},"elements":[{"type":"particle","particle_id":15867583,"object_id":"63c7f001-eaa5-11e4-a037-7b5f270fdca9","particle_type":"maintitle","picture":null,"text":"US Financial Crisis","content_type":"","title":null,"shrink":null},{"type":"particle","particle_id":1370259,"object_id":"meischeese_1369332524","particle_type":"quote","picture":null,"text":"Who is responsible, and why?","content_type":"","title":"By: timothy Odd","shrink":null},{"type":"particle","particle_id":1370633,"object_id":"meischeese1369334019","particle_type":"bodytext","picture":null,"text":"There are 13 major groups who could have had a hand in causing the financial crisis. This infographic will help identify who was at fault, and how they contributed to the collapse of the US economy.","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1374642,"object_id":"meischeese1369358423","particle_type":"maintitle","picture":null,"text":"AIG","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1374699,"object_id":"meischeese1369358834","particle_type":"bodytext","picture":null,"text":"AIG's business model was selling Credit Default Swaps. This led to problems, as they did not have enough money to cover all the CDSs' they were selling, and when homeowners started defaulting on their mortgages on such a large scale, AIG was unable to pay investors back. They were taking a massive risk assuming that people would not default on their mortgages, so they didn't need the money to pay them back if they did. This was negligible and arrogant on AIG's part, and played a large part in causing the financial crisis. AIG's going into debt utterly destroyed investor confidence and trust.\n\nLevel of Blame: Moderate","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1374959,"object_id":"meischeese1369361377","particle_type":"maintitle","picture":null,"text":"Homeowners","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1374968,"object_id":"meischeese1369361466","particle_type":"bodytext","picture":null,"text":"Homeowners, or more specifically, ex-homeowners who defaulted on their mortgages, were the primary cause of AIG failing. By taking on mortgages without a means of paying it back, they forced AIG to pay out on far more CDS' than they could afford.\n\nLevel of Blame: Minor","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375099,"object_id":"meischeese1369362972","particle_type":"maintitle","picture":null,"text":"Sub-Prime Lenders","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375100,"object_id":"meischeese1369362979","particle_type":"bodytext","picture":null,"text":"Because of the actions taken by deregulating politicians, lenders were able to give out sub-prime mortgages - ones where defaulting was not an impossibility, but an inevitability. Incentives were highly skewed, because if and when homeowners who shouldn't have been - and weren't for very long - defaulted, the lenders faced no repercussions, yet made money off the granting of every mortgage, due to the redistribution of risk granted through CDSs'. Whether a mortgage was good or bad, the lenders made money, so to maximize profit, they enticed naive consumers into mortgages they could not repay, simply to make more money. Driven by greed, sub-prime lenders maliciously profited through the naivety of others, and thus take a massive chunk of the blame.\n\nLevel of Blame: Significant","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375101,"object_id":"meischeese1369362983","particle_type":"maintitle","picture":null,"text":"Deregulating Politicians","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375102,"object_id":"meischeese1369362986","particle_type":"bodytext","picture":null,"text":"Numerous politicians were either a part of, or were working closely with firms who would have profited greatly from deregulation which would allow sub-prime lending to occur. The majority of politicians involved in this decision either had a personal profit motive in allowing these motions to pass, or had too little economic knowledge to make an honest judgement. Through a combination of greed and ignorance, this group set in motion the financial crisis, and should be held most responsible.\n\nLevel of Blame: Extreme","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375103,"object_id":"meischeese1369362989","particle_type":"maintitle","picture":null,"text":"Rating Agencies","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375104,"object_id":"meischeese1369362991","particle_type":"bodytext","picture":null,"text":"The ratings agencies - those who evaluated which investments were safe - gave inflated ratings to CDOs (Collateralize Debt Obligations) in order to sell more. Giving investors a false sense of security by deeming even the riskiest of investments AAA - the safest rating available - the rating agencies were simply lying about which investments were safe. The rating agencies are supposed to be reputable sources of credible information, but there was no reason not to lie, and nothing stopping them, except morality and foresight - something this group sorely lacked.\n\nLevel of Blame: Significant","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375105,"object_id":"meischeese1369362994","particle_type":"maintitle","picture":null,"text":"Institutional Investors","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375106,"object_id":"meischeese1369362997","particle_type":"bodytext","picture":null,"text":"This group was the primary one being lied to by the rating agencies, who unknowingly took on bad debt through their investments. This group is fairly similar to the homeowners, but they were at least able to afford their investment, and instead of being enticed, they were deceived.\n\nLevel of Blame: None","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375107,"object_id":"meischeese1369363000","particle_type":"maintitle","picture":null,"text":"Regulators","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375108,"object_id":"meischeese1369363002","particle_type":"bodytext","picture":null,"text":"The regulators had little to no involvement in the days leading up to the crisis itself. However, this was the problem. Instead of seeking out the problem and attacking it at its roots, all that were taken were reactionary measures after the fact - the bailout of AIG should never have been necessary, had the regulators been doing their jobs properly. However, they were acting in everyone's bests interest, albeit incompetently.\n\nLevel of Blame: Minor","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375543,"object_id":"meischeese1369366564","particle_type":"maintitle","picture":null,"text":"Central Banks","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375547,"object_id":"meischeese1369366570","particle_type":"bodytext","picture":null,"text":"By lowering interest rates, and encouraging the purchases of new homes, the central banks pushed consumers into buying homes they were unable to afford, and fueled the housing bubble. By stepping back and letting the market do what it pleased, the central banks inadvertently pushed the US closer to financial collapse.\n\nLevel of Blame: Minor","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375548,"object_id":"meischeese1369366573","particle_type":"maintitle","picture":null,"text":"Hedge Funds / Market Shorters","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375549,"object_id":"meischeese1369366575","particle_type":"bodytext","picture":null,"text":"This group profited off the failures of others. By short selling stocks, this group inadvertently drove down investor confidence, which contributed to the end result of financial collapse. Although this group had a large impact, there was nothing inherently malicious about shorting, and so little blame can be assigned to them.\n\nLevel of Blame: Minor","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375550,"object_id":"meischeese1369366577","particle_type":"maintitle","picture":null,"text":"Fannie Mae & Freddie Mac","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375551,"object_id":"meischeese1369366580","particle_type":"bodytext","picture":null,"text":"These groups are government sponsored entities which participated in investing in sub-prime mortgages. Because they are GSEs, they must be held to a higher standard of behavior than other investment corporations, as it basically gives the go-ahead to all other groups if a GSE does something in a moral gray area.\n\nLevel of Blame: Minor","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375553,"object_id":"meischeese1369366582","particle_type":"maintitle","picture":null,"text":"Retail / Commercial Banks","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375554,"object_id":"meischeese1369366584","particle_type":"bodytext","picture":null,"text":"Encouraged borrowing due to low interest rates, similarly to sub-prime mortgage lenders, but not on such large economic scales as housing. This group is still undoubtedly guilty, but they were not significant contributors to the crisis.\n\nLevel of Blame: Minor","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375556,"object_id":"meischeese1369366586","particle_type":"maintitle","picture":null,"text":"Failed Investment Banks","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375557,"object_id":"meischeese1369366588","particle_type":"bodytext","picture":null,"text":"The failed investment banks bought out CDO's, and distributed toxic debt, and took a massive gamble, betting that housing would continue to go up. When that stopped happening, them, and everybody they were carrying along with them (AIG, for example) came crashing down hard. This group was ignorant and fueled by greed, but were not committing malicious actions.\n\nLevel of Blame: Minor","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375670,"object_id":"meischeese1369367634","particle_type":"maintitle","picture":null,"text":"Successful Investment Banks","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375671,"object_id":"meischeese1369367637","particle_type":"bodytext","picture":null,"text":"Similarly to the other investment banks, these banks bought out CDO's and knowingly distributed toxic debt. This group bid against the failed investment banks, putting their money on that housing would fall. They were right, and made a ton of money doing similar things to the failed banks. They were both in the same race, they just bet on different horses.\n\nLevel of Blame: Minor","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375794,"object_id":"meischeese1369369370","particle_type":"maintitle","picture":null,"text":"Now That All That is out of the way...","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1375817,"object_id":"meischeese1369369584","particle_type":"bodytext","picture":null,"text":"Now that we've established who's guilty and why, all that's left to do is visualize the data:","content_type":"","title":"","shrink":null},{"type":"particle","particle_id":1374635,"object_id":"meischeese1369358400","particle_type":"bodytitle","picture":null,"text":"Division of Blame","content_type":"","title":"","shrink":null},{"type":"chart","chart_id":1883888,"object_id":"meischeese_1369332608","chart_type_nr":2,"data":[[["Distribution of Blame (%)"],["Failed Investment Banks","5%"],["Successful 'Investment' Banks","5%"],["Retail / Commercial Banks","5%"],["Rating Agencies","15%"],["Hedge Funds / Market Shorters","5%"],["Institutional Investors","0%"],["Homeowners","5%"],["Sub-Prime Lenders","15%"],["AIG","10%"],["Fannie Mae & Freddie Mac","5%"],["Central Banks","5%"],["Deregulating Politicians","20%"],["Regulators","5%"]]],"custom":{"showInLineValues":true},"colors":["#000000","#929292","#a7e14c","#ffd542","#287f8a","#4c4c4c","#005863","#339bd6","#9af3ff","#FF9999","#77c300","#FF0000","#e2e2e2"],"dimensions":[],"modifier":0,"sheetnames":[],"sheets_settings":[]}],"theme":{"createdAt":"2016-04-22T04:54:07.000Z","updatedAt":"2016-12-28T10:33:43.000Z","logoImages":[""],"charts":{"treemap":{"labels":{"name":{"fontFamily":"PT Sans Narrow","fontWeight":"700"},"value":{"fontFamily":"PT Sans 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