Top 25 To Blame

We all look to blame someone(s) for the meltdown. Here Time magazine has done a good job of rounding up the (usual) suspects and ranking them in order of level of responsibility. I think what is most interesting in this article is that it appears to be actual journalism and not painted with the liberal bias commonly associated with Time. Then they screw it up by offering a poll for us to step in and vote with our emotions, as if shear public opinion had any real capability to accurately assess culpability.

 

If ya don’t want to read the whole thing here’s a down and dirty top 10 weighted by level of responsibility. .

 

Angelo Mozilo  Countrywide

Phil Gramm                  Republican

Alan Greenspan            Democrat

Chris Cox                     SEC

American Consumer     Us

Hank Paulson               Goldman Sachs/Republican

Joe Cassano                 AIG

Ian McCarthy               Beazer Homes

Frank Raines                Democrat

Kathleen Corbet           Standard & Poors

 

 

http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350,00.html

 

I don’t think it’s a political analysis as much as it is a reflection of just pure greed that much of the elite (and the rest of us with 401K’s and IRA’s) got caught up in. I suppose we can blame Bush because it was on his watch. But we can also blame Clinton and the democrats because they were part of it too including the junior Senator from Illinois.

 

 

 

 

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One Response

  1. Definitely greed. Wall Street financial alchemists dream up new financial instruments and when the cash starts coming few stop to analyze the underlying reality that it’s a pretty incestous affair. When one of the players starts bleeding, there’s a stampede and suddenly the bulls become mice with no confidence.

    It’s happened before and believe me it will happen again. Wall Street’s memory is very short.

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