With the expanding financial crisis moving from mortgage holders, to lenders, to banks, to insurers, it’s only natural that politicians who didn’t foresee it all or did nothing to stop it should start pointing fingers. As if on cue, Barack Obama is blaming the current Bush/McCain administration. Oh, wait, McCain isn’t in the Bush administration. No matter; Obama’s high-minded supporters who foam at the mouth any time Bush’s name is mentioned think that all that has gone wrong in the world is the president’s fault. However, blaming Sen. McCain when Obama, last I checked, is also a senator, is ludicrous. There is enough blame to go around. Let’s blame:
— Policians and community activists who browbeat lenders for not giving those with shaky finances mortgages;
— the Fed for continually lowering interest rates to keep the economy afloat, causing many to take risks they otherwise shouldn’t have;
— lenders for enticing gullible borrowers to take on more debt-through complicated ARMs or other hard-to-understand financial products-than they could handle;
— greedy borrowers who took on too much debt;
— the Bush administration for not pushing through needed oversight and reform;
— Congress for not regulating those they are charged to regulate.
As I said, there is more than enough blame to go around. Sen. Obama, heal thyself.