Thursday, October 2, 2008

Who Was Responsible?

I have some bad news for you fans of schadenfreude: The responsibility is widespread, with plenty of blame to spare. I assess the responsibility for the mess to the following:
Federal Reserve (FOMC)
Borrowers
Mortgage brokers
Appraisers
Federal Government
Fannie Mae
Lending banks
Wall Street firms
CDO Managers
Credit agencies
Hedge funds
Institutional Investors (pensions, insurance firms, banks, etc.)
And back to regulatory role of the Federal Reserve

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