The blaming game is quite a useless process, but we all love to do it anyway. So, who should we blame for the current financial fiasco?
1. Osama bin Laden – He was probably weeping in joy when he watched the news of the demise of the American financial markets on CNN in his secret hideaway in Pakistan. After 7 years, almost to the date of his planned attack, the end-result came because he had such a great friend,
2. George Bush – He took Osama’s bait and decided to annihilate the wrong country and along the way spent a trillion dollars, watched oil prices sky rocket, thus helping enrich the Arab sovereign funds and taking needed dollars out of our economy, which leads to our next best friend,
3. Alan Greesnpan – The genius who was praised by all is now persona non-grata anywhere near Washington, D.C. His loose money policy to support Bush’s ownership society resulted in easy money for everyone, giving the go ahead to create products no one could understand by our next target,
4. Financial institutions – Without them, Alan couldn’t execute. But true to their charters, these institutions did not discriminate because neither the borrowers nor people who bought the fragmented pieces of the mortgages had any idea what was going to happen to the payments. Talk about lending to the hapless public, which brings out the next group,
5. The American Consumer – Why not blame everyone? After all, without gullible borrowers, the banks wouldn’t have been able to perpetrate their lending policies, many of which were instituted by politicians that the public deemed represented their (I mean the public’s) interests. But hey, we’re Americans, so we’ve got to find others to blame, so here comes
6. The Rest of the World – They watched in silence and didn’t help us out when we needed them most in Iraq and Afghanistan, not to mention when we bailed their economies out of the slump when the their markets collapsed (remember Asian market collapse?). And now, they’re trying to buy our best talent and companies on the cheap.
Did I leave anything or anyone out? How about the media or Vladimir Putin? Is this a good time to blame the Chinese and their staged Olympics, too? Or small town mayors and community organizers? How about pit bulls and pigs with lipsticks on them?
Oh, myself? Nope, I can’t do that. Don’t want to tarnish my resume. Who knows when John McCain might call me to be his next Presidential economic advisor.