According to the official US Report by the Financial Crisis Inquiry Commission, the financial crisis was avoidable but that government, regulators, bankers (for easily giving out loans they knew borrowers could not afford) and even homeowners (those that took out loans they never intended to pay) are all to blame for the credit crunch.
Short of calling all the major players involved as greedy and incompetent, the report notes that the financial sector "made, bought and sold mortgage securities they never examined". Worse, they invested blindly and did not care if the investments were defective. Compensation "too often rewarded the quick deal, the short-term gain" and "encouraged the big bet." A large part of the blame went on government mismanagement.
The FCIC said the drive towards deregulation over the past 30 years helped to create the conditions for disaster. "What else could one expect on a highway where there were neither speed limits nor painted lines?" asks the report.
But it gets worse: according to this article by The Wall Street Journal, the United States' federal budget deficit will reach a record of nearly $1.5 trillion in 2011 proving that tax cuts and higher spending during a weak economy don't match.
|iPhone5C: the 'C' Definitely Not for 'Cheap'|
|"The correlation between unemployment and suicide has been observed since the 19th century." How Austerity Kills|
|Canada Switches to Plastic Banknotes|
|Where Did YOUR Tax Dollars Go?|
|TSA Store Sells Everything it Has Confiscated, From Snow Globes to Swiss Army Knives Sold By the Pound|
|How to Escape Planet Earth|
|“The first-ever driverless mass transit test program.”|
|“I can’t wait for the day robots rule.”|
|Study Suggests Students Addicted to the Internet|
|Shuttle Discovery's Final Flight|
|"Searching Ferguson on Twitter not only yields results of speculations about the truth, but the truth itself."|
|Pat the Zombie: A Cruel Adult Spoof of 'Pat the Bunny'|
|“Some of us will do anything to be liked.”|
|“The e-Palette, a vehicle that may one day not only deliver, but cook Pizza Hut offerings en route.”|
|“Automation doesn't have to be a replacement for human workers.”|
|Excessive Internet Use Leads To Depression|
|“The story of a rodent's unrelenting quest for happiness and fulfillment.”|