Time Magazine has published a list of 25 people to blame for the financial crisis.  I'm not going to get into the details of evaluating the merits of including each person on the list.  What I would like to point out is the diversity of the list.  I often hear people blame one person or group, while forgetting to mention all the people who played a role.  This list includes men and women, individuals in the private sector and public sector, Democrats and Republicans.  The point we should take away is that the blame doesn't belong to one person.  There were many failures by many people over a prolonged period of time, and most people didn't see it coming.  What we are witnessing now is a large number of colossal failures that have come together to create a financial version of the "Perfect Storm".  Time Magazine points out 25 people, but in reality, the list could be much longer.


Angelo Mozilo
Phil Gramm
Alan Greenspan
Chris Cox
American Consumers
Hank Paulson
Joe Cassano
Ian McCarthy
Frank Raines
Kathleen Corbet
Dick Fuld
Marion and Herb Sandler
Bill Clinton
George W. Bush
Stan O'Neal
Wen Jiabao
David Lereah
John Devaney
Bernie Madoff
Lew Ranieri
Burton Jablin
Fred Goodwin
Sandy Weill
David Oddsson
Jimmy Cayne


Time Magazine: 25 People to Blame for the Financial Crisis
http://www.time.com/time/specials/packages/article/0,28804,1877351_1878509_1878508,00.html

Yahoo Article
http://news.yahoo.com/s/time/20090216/us_time/08599187977400