A reader writes:
I would wish you that you refrain from posting on the topic of blame when it comes to the current economic downturn. Greed and gluttony have always been with us. During times, of growth, these vices are typically overlooked, as the rising tide lifts all boats -- yachts as well as dinghies. A middle class family acquires large flat screen TV. A mid-level hedge fund manager purchases a summer home in the Hamptons and condo for his mistress. Irrespective of the size and scope of acquisitions, everybody wins -- even the mistress. Of course when the economy sours, awareness of these vices rises to the surface. Rather than focus on the inherent structural flaws endemic to financial capitalism, we look for villains and culprits -- childishly believing if only we could be ridded of their ilk, these problems would go away.