Criminals: Paulson, Bernanke, Greenspan, and Congress

As we look to discover the real root of the financial crisis, I have to believe that, ultimately, Paulson and Bernanke are where the buck stops.

The following is a comment put on the Anderson 360 blog from Tom Kelley, Oct. 9 (I hope this isn't violating a law)

"As to your list of culprits: The Federal Reserve needs to be very high on the list of culprits. They are chartered to assure the stability of the monetary system, achieving full employment, stable prices, and steady economic growth. They act independently, but answer to Congress (and are audited by the Congress). They (and their Reserve Bank System) are responsible for auditing banks operating within the US. If, as part of their audits, they could not see the poor loan practices and rein them in, then their several-thousand strong agency is not performing their duty. Mr Bernanke and his organization were asleep at the switch.

Certainly, any given company’s defective practices or bloated bonuses may contribute to the problem, but with a problem as systemic and pervasive as this appears to be, the real culprits must be the either the architects or operators of the system – this, in both cases is the Federal Reserve and the Congress to which it answers."

I agree so wholeheartedly with these statements! Yea Tom for saying it so sucinctly! Although I do think Paulson, even before he was Secretary of the Treasury, was one of the architects of this whole financial system failure.

And let us not forget Alan Greenspan this is his legacy.