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It's an interesting question, specially because everybdy wants an answer and has an answer as well to this query. I would not put the blame on Financial innovation or American politics or Greed or Real estate crisis, etc etc... What we receive is often a result of what we choose, and we have chosen to follow a "similar to" free market economy model. Not a wrong choice but surely it comes with an inherent characteristic named *swing* which is responsible for 'almost cyclical' booms and bursts in the economy. Free market economy, though gives space to greed, profit motives, financial innovation, political adventurism, etc etc, still manages to provide an economic model which is good enough to be followed by the majority of the world. For me, the only downturn is the *swing* which needs to be controlled through appropriate policies. The swing needs to be attenuated through regulatory measures.

With the choice we have made, everything else which we have blamed so far is inevitable. Political adventurism, greed, booms, bursts, et al, have happened in past and will keep happening without control. The only controllable part is regulation which we failed to provide and thus should bear the blame for the crisis.

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I believe the population, every single human being, is to be blamed for the common situation. As a matter of fact we simply ignored the rules of doubting and listening to our inner voices and let a lot of others decide what to do with out money, over our heads. And no one did anything, me neither, I am absolutely honest, but therefore we have to take charges. Everything that has happened so far - happened for a very important reason that wants to show all the people out there one thing - pride will have a fall.
Hi Ford,

I understand your logic and see where you are coming from. Well, I agree and would wish for sanity and austerity to rule. However, we can't rely on it and that is why we have put systems in place which guide how people work. If people could be perfect then there would have been no need of systems. Every indivudual could have selected the right way and did the right things on his own.

Well, this also doesn't mean that people are imperfect but systems are perfect. Yes we need to build an environment where people and system work together to give near perfect results.
In my opinion, having an economic meltdown is because we don’t know how to take care and used our nation’s wealth. Actually if only the government will make things possible foe us to trust them then we can rest assured that our economy will recover. But because of misleads and graft as well as corruptions practiced by most politicians and other private sectors. Then everyone is undeniably suffering for his or her wrong doings. Most of us are going to payday loan lenders just to finance our unforeseen expenses and it only shows how our economy going so bad and miserable. The question that is frequently asked now , “Is there still hope for economic recovery?”


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