Given the magnitude of the economic meltdown, there is plenty of blame to go around.
It is fashionable to blame "greedy wall streeters." But, greedy wall streeters could not have pulled this off were the rest of society not acting equally greedy.
Much of society was looking to be quick millionaires by leveraging up and hoping that asset values would rise quicker than debt costs. As a result, many were susceptible to all manner of scams, from outright frauds like Madoff to less benign investment schemes.
And, Washington politicians and bureaucrats did little if anything to stop us from our excesses. On either side of the aisle!
The better Google search might be "who doesn't share some of the blame for this economic meltdown."
But, what I can't figure out is why assigning blame is really important.
If you are fortunate enough to have a job, seems to make more sense to focus on saving your job.
If you have lost your job, seems to make the most sense to focus on finding a job.
How we got here is somewhat important so as to learn from the past. But, more important is for each person to quickly get on with self-rescue. Quickly!
Regular readers of this blog know that I believe that the sooner one embraces the recession, the sooner one will be on the road to prosperity.
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