Time magazine is starting to kick some online posterior these days following a slow erosion into irrelevance. I think it started with Justin Fox of Curious Capital and their expansion online has been worth following. (No, I am not a shareholder).
The financial crisis we are enduring is systemic and there is no one specifically to blame because nearly everyone is to blame, including my 2 cats, the mailbox and my old ipod. Rather than individuals, I think its better to look at the problems by industry and agency.
Still, it feels good to point the finger.
Here’s my take on it as ranked by overall impact. Nothing scientific here.
1. Rating Agencies
2. Investment Banks [Tie]
3. Subprime Lenders [Tie]
4. SEC
5. American Consumer
6. Investors of CDOs
7. Bush Administration [Tie]
8. US Treasury [Tie]
9. Congress [Tie]
10. Fannie Mae/Freddie Mac
11. Commercial Banks/Mortgage Banks
12. Federal Reserve
13. Mortgage Brokers [Tie]
14. Real Estate Appraisers [Tie]
15. Clinton Administration
16. FDIC, OTS, OCC
17. Real Estate Brokers [Tie]
18. Developers [Tie]
19. Big Media
20. Blogosphere
Did I miss anyone?
by Jonathan J. Miller
Source: Matrix
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