On Mon, 16 Feb 2009 18:24:01 -0500, Eisboch wrote:


In their defense (although it's not an excuse) the credit industry has
made it very easy over the past couple of decades. Here's a great
finger pointing exercise. Keep hitting "next" to see the next culprit.
Interestingly, the public consumer is one of the culprits, along with
'ole "balanced budget" Bill Clinton.

http://www.time.com/time/specials/packages/
article/0,28804,1877351_1877350,00.html

Plenty of "blame" to share around.

What's scary to me, these guys are smart professionals, some of the
best. How come only a handful saw this mess coming? I'll admit not
seeing this with foresight, but with hindsight, it was an obvious house
of cards. Five years ago, Buffet called derivatives "financial weapons
of mass destruction". Of course, he could have been wrong, but not to at
least listen to someone of his weight?

And, how do you stop this type of "group think" in the future? Clearly,
some regulation is in order, but it almost seems more like a
psychological disorder than a financial disorder. It's difficult to
believe, something as stupid as this,just choked the entire world's
economy.