The crime is wilful financial mismanagement, it took many forms: sub-prime morgages, LIBOR manipulation, fake AAA ratings, Goldman's advising its clients buy toxic assets to get them off the books, ... the list of actual crimes is huge and largely unprosecuted by the revolving door financiers/ regulators.
Turning a blind eye, wilful ignorance should not be an excuse but it is a succesful one.
Capitalism is self-interest - the idea of self-regulation is a nonsense, if one can make money and get away with it then someone will which is natural.
What is wrong is the continued lack of oversight, either by lack of regulation; or the regulators and regulated change places - the revolving door.
The economy is a golden goose, wealth is continually created, but if the money is hoarded, economies stagnate - no-one benefits, the goose is dead.
Quantative easing removes value from money by printing more, then gives it to the banks who hoard it.
Yes QE doesn't have to be bad, if the printed money recirculates, the problem is how it is done (no guarantees about lending from banks) - its origins doesn't stop them juking it to all heck.
The problem is not capitalism but weak government who give out money but negotiate only vague promises not guarantees.
As the voters are responsible for government then the electorate is ultimately responsible for this, but were they really given a choice ?
On a humerous note perhaps in times of crisis the government should be suspended and let the civil-service run things with out the costly and unecessary changes indulged in by the popularity contests.
Turning a blind eye, wilful ignorance should not be an excuse but it is a succesful one.
Capitalism is self-interest - the idea of self-regulation is a nonsense, if one can make money and get away with it then someone will which is natural.
What is wrong is the continued lack of oversight, either by lack of regulation; or the regulators and regulated change places - the revolving door.
The economy is a golden goose, wealth is continually created, but if the money is hoarded, economies stagnate - no-one benefits, the goose is dead.
Quantative easing removes value from money by printing more, then gives it to the banks who hoard it.
Yes QE doesn't have to be bad, if the printed money recirculates, the problem is how it is done (no guarantees about lending from banks) - its origins doesn't stop them juking it to all heck.
The problem is not capitalism but weak government who give out money but negotiate only vague promises not guarantees.
As the voters are responsible for government then the electorate is ultimately responsible for this, but were they really given a choice ?
On a humerous note perhaps in times of crisis the government should be suspended and let the civil-service run things with out the costly and unecessary changes indulged in by the popularity contests.