Who is to blame?

It is evident that present financial-economic crisis is a man-made disaster and has been caused by human mistakes in economic management. Who is to blame for this? British periodical «The Guardian» (guardian.co.uk) answered the question.

The periodical names 25 individuals who have led the world into this crisis. First comes Alan Greenspen, the former chairman of US Federal Reserve Board, The Guardian blames him «for allowing the housing bubble to develop as a result of his low interest rates and lack of regulation in mortgage lending».

Present crisis is not a regular economic process going on in international economic and financial system. It is a result of lack of regulation of economic-financial processes by humans.

According to «The Guardian», US former President Bill Clinton is to come first in the list of political and state leaders. In his years of presidency laws were adopted to «force mortgage lenders to relax their rules to allow more socially disadvantaged borrowers to qualify for home loans», the periodical says.

Besides Clinton, US former President George Bush «has also had his active participation» in «preparing ground» for present financial crisis. Bush administration did little to put the brakes on the low mortgage policy.

Next to come is Prime minister of Great Britain Gordon Brown, who «put the financists’ interests ahead of manufacturers’».

Among those-to-blame list by «The Guardian» are also a number of US and British financial agencies, banks «American International Group Inc.», «Goldman Sach», «Lehman Brothers», «Merrill Lynch», «Halifax Bank of Scotland», «Royal Bank of Scotland», «Bradford & Bingley», «Northern Rock», «Bear Stearns», «Bank of England» and others.

Besides the abovementioned list, the periodical blamed the billionaire financier G.Soros, billionaire Warren Buffett, and John Paulson, hedge fund boss, «who saw the crisis coming but did nothing to prevent it».

Blaming, certainly, is very useful, however, besides answering the question «who is to blame?», another important question should be responded: «and what should be done?».