Wall Street or Washington - Who is to Blame?

Debate of the week was who is to blame for the economic mess. Wall Street or Washington?

Good debate....and results of this debate ended up that it is Washington.

However, I am not sure the right question was asked, it was limited. And if it is Washington, then really is not the people who voted for Washington?

Washington is created, by the people, for the people. If people believe policitians' promises of something for nothing, then is not the real fault the people. There is no free lunch, there is no cost free promises. The more promises, the more it costs, and not only directly, but indirectly as well as the government processes, policies and spending disorts the economy, until economy starts to collaspe and fail. That is what we are seeing now in the US. This is not new stuff, we have seen through out history the results of government led and directed economies. They always end up the same....in failure and collaspe.

There needs to be a fundamental change with all of us and our expectations. The economy only grows based on production and savings. Debt led growth and expansion will not provide substainable economic growth. It just can't. The compounding affect of interest assures that it can not.

Financial Crisis Debate March 2009