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Who can we blame for the recession?

ricksfolly

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Standard & Poor, Moody, and Fitch rating mortgage derivatives as AAA seems like a good place to start, but that was back when the housing market was at it's peak and they were in competition. You really can't blame car companies, stores, and stock markets either because they were in competition too. Companies overstocked because they wanted to have their products on hand so customers wouldn't have to wait so you can't blame them either.

What about blaming banks and mortgage companies? Didn't they maneuver down payments so millions more could own houses they really couldn't afford? No, not them either because back then the housing market was booming and top economists were expecting it to go even higher.

Of course there was risk, but isn't risk and luck the way competitive capitalism works?

ricksfolly
 
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