The financial crisis is everybody's fault.

The HOMEOWNER who bought a house he couldn't afford, ready to walk away if the property value tanked, and used his home equity like a checking account to satisfy impulse purchases.

The APPRAISER who wrote optimistic assessments, because if he didn't, someone else would.

The MORTGAGE BROKER who did everything he could to push sketchy applications through the system to maximize commission.

The UNDERWRITERS who didn't care about risk, because they were planning to sell the loan downstream.

The WALL STREET FINANCIAL WIZARDS who invented new risk corrrelation models to package 100's of shoddy mortgages into AAA-rated tranches, profting handsomely in the process.

FANNIE MAE & FREDDIE MAC who provided scads of liquidity to keep the machine going.

CONGRESS who mandated that lenders prioritize social goals in lending over fiscal responsibility.

GREENSPAN who encouraged homeowners to finance into adjustable mortgage products and kept interest rates too low for too long, feeding the bubble.

BUSH who reappointed Greenspan, and had the ability to act with a friendly republican Congress for the first part of his mandate.

DEMOCRAT CONGRESSIONAL LEADERS who have had control of financial committees since 2006 and didn't act.

The only thing the above actors agree on, is that it's someone else's fault. Below is a fairy tale that I think illustrates this.
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Once Upon a Time, "Credit" meant going to a bank, and if you could make a very substantial down payment and your record was good, financing an auto purchase for two years, or a house for thirty. At some stores, "Credit" also meant "90 Days As Good As Cash!!!".

Then "Credit" became three years for an auto, and despite the naysayer's cries of doom, the sky did not fall.

Then five years, then for longer than the auto would last... and STILL the sky did not fall!

And then, sayeth Wall Street, "Let there be Credit Cards!" And truly the plastic did flourish and multiply, fruitfully (at least for the credit card industry).

And Lo! Anyone could now have Anything, Any Time, and Put Off Payment... forever! And again Wall Street did gather the low-hanging fruit.

And then, said the Republicans, "let there be no more Glass-Steagall! For surely Wall Street knoweth what is Best For Our Country!! "

Yea, verily, said the Democrats: "and also let Everyman possesseth a Large House, procured on Everlasting Credit, for surely this is the right of Everyman."

"With my Blessing" said the Lord of the Fed, the Honorable and Saintly Mr. Greenspan: "For truly the Marketplace Will Regulate Itself!" (for this is written on the Sacred Stones). Let us see no Evil and now let us also gather the Higher-Up Fruit!!

"Hallelujah" said The Government of All The People, "Let Us Print More Money and Not Count Wars so that we too may Put Off Payment forever." And so the money was printed and the wars were not counted, but for some strange reason the more Money there Was, the less that Other Countries desired it.

And so it did come to pass that at a certain time, the Fuit was all Gathered, The Sky did in fact Fall, and that time is now upon us.

And Democrat blameth Republican even as Republican blameth Democrat. Everyman pointeth to Someone Else, and each and every one of them proclaimith it to be "All Your Fault".

And all forget the Eternal Words of Kelly: "We have met the enemy, and He is Us!"