Who's Fault Is It?

So where do we put the blame for the current crisis? It appears McCain warned about the housing crisis and the need to regulate Fannie and Freddie, but the blame for the collapse of Fannie Mae and Freddie Mac should be placed squarely on the shoulders of the American public who greedily took advantage of the inflated prices in the housing market. The responsibility must be taken up by those who purchased homes they could not afford (and they knew it!), bought shiny new cars, new boats, new clothes, ate at fancy restaurants... all purchased on credit.

Don't be fooled, the current planned federal bail-out is only a Band-Aid slapped on the wound of American selfishness and greed. Until people suffer for their own decisions and learn to live within their means, we are doomed to see this cycle repeat in another 20 years.