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.
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