I have been meaning to write a post for a few months on the economic crisis we all face. I have watched, read and listened to accusations (warranted and unwarranted) bandied about on who is to blame without a clear picture as to why we all find ourselves in this collective predicament. Is it Fannie May, Freddie Mac, real estate agents, predatory lenders, greedy Wall Street banks, hedge fund managers, insurance companies, politicians or the greedy American public (you and me included)? Numerous pundits and common folk seem to have opinions, few seem to support them with facts. I decided to research the issue myself and figure out who (if anyone) is really to blame for the current crisis.
As a result of my research I plan to write at least four blog posts on the subject. They are as follows:
- Evaluating how the government enabled the financial services industry to implode.
- Evaluate how the financial services industry did implode and who in the private sector was to blame.
- How our consumer and wealth-obsessed culture allowed us to fall into this terrible trap.
- What needs to be done to reestablish a balanced, fiscally responsible system that promotes long-term growth as opposed to short-term gains.
Stay tuned for the first post which I hope to have up in the next day or so. Note, I'm not economist or financial expert so take my conclusions at face value.
1 comment:
As you mention, a lot of contributors to the current situation. I think the one party that is not getting enough credit for this situation is the individual. Are there prostitutes if there are no johns? Are there drug dealers without users? It all starts and ends with the people that demand unrealistic, unearned, and shallow lifestyles. Not taking away responsibility from the other contributors, but when society spends more time researching monkeys riding bikes on youtube instead of researching the financial sustainability of their lifestyles, it is hard to buy into this pity party.
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