Now we have started to hear about the blame game that has started to come about who was to be blamed for the housing and financial crises. Accusations are flying from the government to the private sector. Whatever the outcomes of these accusations, it is true that when the economy was really good everybody was making tons of money so nobody was bothered about the ramifications for the future, be it the government or the private sector or the ordinary folks. Every body was reaching to the sky without any afterthought.
But now that everything has collapsed, people are trying to find scapegoats for who is to be blamed and the last man standing is typically now the target.
To say it again and again, everybody was involved in this massive debacle whether intentionally or unintentionally, it is useless to blame one party over the other. Now the best thing is the make sure this thing never happens again (yeah right, people don’t learn from history) and we should create comprehensive legislature and regulations to make sure every body plays by the rules.