Who is to blame for the current financial crisis in America???

I have spoken with many economists, college professors, politicians, and citizens about the current 'financial crisis' in America and around the world. First off, let me say that I am a Libertarian and do not associate myself to the Democratic or Republican party at all. What amazes me is that there is a small minority of individuals who claim that globalism and one world monetary policies coming into play are the cause of this crisis. Then there are these people who actually believe that the re is no financial crisis and that it is a myth. These people claim if there was a real crisis that there would be soup lines and it would be worse than 1929. On the other side of the coin, I have spoken with many Republican individuals who believe that 9-11, Katrina, and the wall street crisis were to blame and that their party had no influence in the current outcome. Then there are the Democrats who claim that it is Bush's fault etc...etc. Lastly there are regular people like myself who don't even pay attention to this stuff and just try to make the best of each day of their lives. So here is my opinion on what I believe is the absolute truth about this 'stimulus handout' and financial crisis. I am an average American who is an optimist and tries to find the best in everything. This is the way I see it. I have never suffered more under the Republicans. The REPUBLICANS controlled all 3 branches of government during most of Bush's 2 terms in office. They had the White House, House of Representatives from 1994-2006, the US Senate from 2001-2006, controlled the Supreme Court, and had Majorities in the US Governorships. I have watched they(THE REPUBLICANS) try and blame this crisis on the Democrats. Bush ruined his party. He increased the federal government to record size. He came into office with a surplus, and left office with a 2 trillion dollar trade deficit, and a 7 trillion dollar national debt. It didn't matter who the GOP nominated, after what he did anyone could have beat the GOP in 2008. So we got Obama and a 'mandate' for change. As a Libertarian, I am not a fan of Socialism and big government. 600,000 jobs lost in the US in January alone...the worst since 1974.(source US Dept of Labor). Where I live on the West coast, there are soup lines and 65,000 people have lost their jobs in 2009 in a city of 700,000 people. We are at 10% unemployment here! The credit crunch was caused by greedy 'MADOFF' type mortgage brokers and banks who loaned people money on homes they the buyer and lender could not afford! The homes here are overpriced by 150,000 dollars! People can't sell them. Retailers are closing in record numbers. What really amazes me are the Republicans. I blame them 100 percent. It happened on their watch. They dare to lecture a new President on Fiscal Responsibility. What a laugh! They created the very mess we are in! They only care about their little kingdoms and if they get the glory or not instead of Obama. I have had it up to here with the Republicans. They are trying to crucify Obama for trying to do whats right for THE PEOPLE! Where is the accountability in all this corporate crime? Special interests, lobbyists and criminals like Madoff run this country. Its going to take a change of power in Congress to get things done and a 3rd party shift. TERM LIMITS is a good start. Thanks a lot George W. Bush. I will NEVER vote for another Republican in my lifetime. I will continue to vote 3rd party. Who do you think is to blame for this current economic meltdown that has reached global proportions? Are you angry about this unaccountability in Washington? The stuff they are doing and will continue to do, you and I would be rotting in a prison cell for. I say F the GOP and the Democrats and start looking at 3rd party people. If they are not careful, the public outrage will be so severe as they are truly fed up to their eyeballs with BS and government non performance that JESSE VENTURA just might be walking Obama out of office in 2012! Laugh now but in 3 years if things continue to nosedive, Americans just might put a former Minnessotta Governor in the White House. Now that would be REAL CHANGE WE CAN BELIEVE IN...someone who tells the truth. WOW.

Public Comments

1. all i know is if they ran wall street like vegas there would be no bail out...there would be bodies in the desert and no one would ask their political view.
2. public schools
3. I don't believe that there is one entity or one person responsible for this current mess. I think many people; public officials (elected and appointed), business leaders, and private citizens from all over the world, have contributed to this mess. Many of us are vocal about our feelings regarding 'big government' or 'big business'; but too few of us insist on practical regulations, or even educate ourselves about our own finances. The 'buck' starts in our own homes.
4. The cause of this mess is government NOT adhering to the US Constitution. If the elected officials would read and study the Constitution, and then act accordingly we would not be in this situation. If it's not Constitutional, then it's a NO GO. We have strayed so far from what our forefathers wrote and intended. We've lost god given rights and it gets worse everyday. As Thomas Jefferson said, when the government fears the people you have liberty. When the people fear the government, you have tyranny The governments job is not to provide everything for everybody.
5. Very astute! Also the people on boards and such who are supposed to be the watchdogs for America severely FAILED. Were they afraid of each other? Were they afraid of what the public would say about them? Were they afraid of getting in 'big trouble' with the people they would call out on the carpet? They played their stuffed shirt word games and basically did NOT do their job... to see that no shenanigans were played on the people who had put their trust (and their money) in the care of big business... which turned out to be monkey business. Meanwhile the republicans sat in their IVORY TOWERS, having their tea parties, unable and unwilling to see what the COMMON CITIZENS of this country were headed for... Now I see on the news that the 'common people' are actually VISITING the big shots of these companies- going right to the FRONT DOORS of their ivory towers and PROTESTING! It does my heart good to see the American people doing what America is all about. The will of the people.
6. I blame thirty years of tax cuts that don't work and deregulations that should not have happened. Thirty years of rhetoric that government can do nothing and then doing everything you can to make certain that is the case. I blame revisionist history of the Great Depression and the lessons that have been lost.
7. I don't believe it is one faction or another. It just boils down to a deadly sin GREED!
8. i'm pointing fingers at whomever took our jobs overseas..
9. I blame the GREEDY CEOs, CFOs, and all the other Exec's at the top. These A$$holes are earning millions, and they are the ones runing these companies into the ground. I predict - if these GREEDOs don't have a salary cap of $500,000 a year so that other people can have jobs - you're going to to see riots in this country a la "The 2009 version of the French Revolution". You think I'm kidding? How high is unemployment? Where are all our jobs? What did the top Execs do with their Bail out - give it to THEMSELVES as bonuses! Did they save any jobs of the middle class, which is what they were supposed to do? NO!!!!!!!!!!!!!!!!!!!!!!!!! Citibank - tried to spend their bailout money on a private corporate jet for the Senior Ex ecs! I personally, wouldn't be sorry to see a riot in this country where the wealthy, greedy CEOs and Senior Execs are all dragged into Times Square and be-headed. I'd cheer and throw wet cabbage at them as they were being dragged up to the gallows. Be-head a few GREEDY CEOs - I PROMISE YOU THEY WILL ALL SUDDENLY BECOME THE MOST GENEROUS PEOPLE YOU EVER MET - THEY WILL VOLUNTEER TO WORK FOR $1.00 AND SUDDENLY CREATE MORE JOBS THAN WE LOST. I Blame the wealthy! They're telling us to go to the food banks and unemployments - which is exhausted most of its resources - that's like saying "Let them eat cake" well, then I SAY: "OFF WITH THEIR HEADS"!!!!
10. This financial crisis is due to greed by Wall Street, too many people spending too much money, and mismanagement by banks and other financial institutions, also unscrupulous lenders lending money and mortages to people who cannot afford them. It's the fault of many people over a long period of time. Not simply one president, past or present. People mismanaging their money, greedy CEOs and a number of other causes. It's not only here in the U.S. This is a global problem. It occurs in other countries.
11. As my friends and husband will attest, I was aware the rug was about to be pulled out from underneath the economy 7 years ago. All the indications and pit falls were there. *sighs* But I was labeled a little red hen and not having a degree in economics or politics and only being a common simple women who's position in life was that of a mere servant to the rich and blameless, I was poo poo'd. I can now sit here smugly with feline grin and think to myself "I knew it was coming, why didn't you"?
12. Very LONG question but I read it. I tend to agree with you. I also think we need to give Obama more than a month to help us. I think that the crisis was a long time coming. I live in Michigan and we have seen it for years when no one else wanted to look. I am a firm believer that the financial industry, were it not for their greed, could have staved off the worst of it but chose to cover their own butts. Now we have to bail them out. And they STILL aren't doing what they should be doing. At least the auto companies is a loan. I also blame Republicans as they controlled the country for 8 years and did nothing to fix the regulations that the financial industry was abusing. I also blame the fact that we have allowed our manufacturing to be taken over by foreigners. NAFTA is NOT working. And to those who say that cars made by the former Big Three are partly or mostly made in other countries, remember that when you purchase an American car the money goes staright back to an American Company. Purchase a foreign car and the money goes back to that country even if they have plants here.
13. The High Mucky-Mucks in charge. In private and public office. It sure wasn't a smucks like my wife and I who work, pays bills and work, pay bills. We might take a vacation, if we can afford the fuel for our 10 year old car. We won't drive too far away or stay in an expensive resort. We can't afford it. We buy bargains and shop second hand stores. Search yard-garage sales for things we need. We vote, but think it makes no difference. The elected officials get raises every year and make 3-4 times as much as we do. More and more businesses and stores are closing locally and it is getting really scary.
14. American greedy bankers.
15. We as Americans are responsible. We over spent, lived large, drove our big fine gas sucking SUV's, maxed our credit cards, refinanced to pay other bills, got fat and happy but didn't remember that things would change and our businesses were moving out of the country and China was dumping steel and whatever else into our country and we as consumers was buying it. We didn't buy our own expensive products. We are responsible for voting in the Government we had and have and as a Country we need to stop pointing the finger, suck it up, fix it and drive on.
16. From what I've heard it is a direct result of the government being allowed, in 1913 , to print money with nothing to back it and then when we went off the gold standard. Greed is always in the equation for everything man does.
17. Thank you Matt for putting together such an interesting piece. I agree that the Republican party did this to our country. And the worst part is the Washington holy-er than thou Republicans are so rich and have hid so many millions that they will never feel this depression as we do. I am part of a Native American family and it seems the Government in our reservation/casinos have taken the lead from Washington. Millions of dollars are missing from the moneys made at out casino. People voted to be the council members to run things have made new rules where they can't be voted out by the membership and also voted themselves a $14,000.00 raise in pay. The per cap that their people get 4 times a year is usually around $900.00 every three months. Those in charge try to say they aren't making money? Really? At this time the Native American members are going through another re-election of council people,against the wishes of those already in office ,to get things straightened out and as you might expect the sitting council is mad as hell that they have been found out. Greed is everywhere and I never thought in my lifetime I would see this corruption come to every level of government, big and small. I feel there will be another civil war with fighting in our streets within a year if that long. People are homeless and hungry and don't know where to turn.
18. You can blame the government, greedy big business, and a generation that grew up thinking money grows on trees.
19. i blame the american people for putting up with such gross ineptitude from both sides of the aisle. and i cannot help but place some of the blame on people such as yourself who will waste their vote voting for a party such as the greens or in your case the libertarian instead of trying to get something done in the main stream parties.
20. Liberals and the political correctness they promote
21. Ronald Reagan, Allen Greenspan, and Bill Clinton, all of whom pushed for deregulation of mortgages, loans, credit card debt, etc.
22. Matt, this is a VERY GOOD QUESTION. (And there are so many GREAT answers too) My answer is, there are SO MANY BROKEN PARTS, that I feel there's enough blame to go around for everybody ! And, like you, I am disgusted with the political party's and their greedy,self-serving,privilegedd attitude.
23. Reaganomics and the failed ideas about deregulation. The rich have taken off the top too long.
24. CEOs, If they didn't take all the pay they don't earn and the whopping bonuses, the companys would not have to bail out.