We Now Know Who To Definitively Blame For The Financial Crisis

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According to the Financial Crisis Inquiry Committee:

* The banks (“Like Icarus, they never feared flying ever closer to the sun")

* Alan Greenspan

* Ben Bernanke

* The Bush administration

* Hank Paulson

* The 2000 decision to shield over-the-counter derivatives from regulation

* Tim Geithner

* The Office of the Comptroller of the Currency,

* The Office of Thrift Supervision

* The Fed

* The SEC

* "human action and inaction, not Mother Nature or computer models gone haywire"

* Credit-rating agencies (“cogs in the wheel of financial destruction")

Who's a little to blame but not a lot?

* Fannie Mae and Freddie Mac “contributed to the crisis but were not a primary cause"

* "Aggressive homeownership goals” were not major culprits


Financial Meltdown Was 'Avoidable,' Study Concludes
[NYT]

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