This Cato Institute article, Who Are the Villains of the Mortgage Mess? by Daniel J. Mitchell, was published in the LA Times. It is a good summary of the reasons behind the current crisis and who is to blame.
Problem No. 1 — easy-money policy from the Federal Reserve. Blame the Federal Reserve and every politician.
Problem No. 2 — corrupt subsidies from Fannie Mae and Freddie Mac. Blame politicians, mostly Democrats, and especially Barney Frank and Chris Dodd.
Problem No. 3 — the Community Reinvestment Act. Blame Jimmy Carter, the Democrats, Bill Clinton, and George W. Bush.
#1 by geoff p at December 15th, 2008
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Ok now that all of the problems have been analyzed why don’t we point some fingers and have the master mines behind the problems bring us back. who are the villains in the whole situation and are they really to blame and how much could they be blamed for; this report answered those questions for me:
http://www.wealthdaily.com/report/culprits-of-the-financial-crisis/375