A comment I hear every now and again is that no one responsible for the collapse of our economy or the mortgage crisis at its center has ever been held responsible. I have a few problems with that statement. First, who deserves the blame? I'm not informed enough to know precisely who is responsible. I suspect blame can be shared far and wide from the bankers and investors who concocted shaky financial instruments to ratings agencies to regulators to the parties taking out mortgages they couldn't afford. Did I leave anyone out? Second, it isn't true that no one has been held responsible. There have been at least three criminal cases and a handful of civil cases brought against various individuals and institutions. Still, in an environment where so many people are out of work with little prospect of finding sustainable employment, it is hard to feel like justice has been done when you compare the relatively few fines to the billions of dollar...
Clippings and thoughts I'd rather not mulch