Who Do You Blame For The Financial Crisis?
There is an article in the Time magazine asking its readers to vote on who do they blame for the financial crisis. I would be interested in your opinions for the top three here.
My pick would be
1. The American consumer - the debt bubble is completely unsustainable, whether it went into housing, consumer products or otherwise. This was bound to collapse anyway.
2. Alan Greenspan - he low interest rate policy stroked housing bubble and he stood in the way of regulating derivatives.
3. Joe Cassano - he was the driving force behind the CDs whose collapse led to the financial crisis.
Although the collapse of Lehman's triggered the crisis, I don't think Dick Fuld was the main culprit. Also although Maddoff was involved in massive fraud, that fraud did not lead to the financial crisis.
I do not blame Clinton or Bush that much either. If there is president to blame, I would say it is Reagan who instigated all this deregulation.
Now, please read that article and give us your opinions!
Derek
Sal
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Do not get between a wombat and a chocolate biscuit; you will regret it dearly!
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When the Roads and Paths end, learn to guide yourself through the wilderness
Beyond the Path
Easy Weight Loss
P.S.
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