The document analyzes those responsible for the 2008 credit crisis. It blames Fannie Mae and Freddie Mac for lobbying the government to expand housing to subprime borrowers. It also faults the Clinton and Bush administrations, Alan Greenspan, investment banks, credit rating agencies, mortgage brokers, real estate agents, borrowers, and corporations for their roles in fueling the crisis through risky practices and a failure to properly manage and oversee the financial system. The document suggests John McCain, Nouriel Roubini, John Paulson, and Warren Buffet were among the few who warned of the impending crisis.

1. Credit Crisis Most Wanted (Just so we’re clear on who screwed up and how.) Debunkr http://debunkr.blogspot.com

2. Credit Crisis Most Wanted Prime Movers (who to blame): Fannie Mae & Freddie Mac Successfully lobbied the government to expand housing (to people who couldn’t afford it) Bill Clinton’s Administration Supported Fannie & Freddie’s Vision George Bush’s Administration Neutered the regulatory capability to manage systemic risks Encouraged free-markets to brutalize public Alan Greenspan Assumed greedy banks were not greedy Fueled fire with Tech Crunch interest rate reductions

3. Credit Crisis Most Wanted Prime Movers (who to blame): Investment Banks Assumed making $$$ = managing risks, bad assumptions In fact, most assumptions were bad Focused on bonuses, not durable business models Credit Rating Agencies Assumed past = future (contrary to caveat on most financial products sold to public) Used investment banks assumptions Shockingly, worked for people that paid them Structured Finance Market Participants Risks moved until no longer identifiable or locateable CDS not labeled insurance to avoid regulation that would’ve stopped much meltdown

4. Credit Crisis Most Wanted Prime Movers (who to blame): Mortgage Brokers Pushed underinformed home-buyers into toxic loan structures Real-Estate Agents Followed compensation by transaction, not by protecting the home-buyer Marketed themselves as “trusted advisors” and able to protect home-buyers

5. Credit Crisis Most Wanted Prime Movers (Who to blame) The Public (you, me and Dupree) Ignored obvious bubble signs Relied Mortgage Brokers and RE Agents Did poorly in/never took basic finance classes Responded like monkeys to free credit offers Got jealous of the easy money others’ made Corporations (Employers) View employees as expenses to minimized, rather than valuable assets to be maximized Lobby congress to allow more H1-B visas, lowering domestic worker values

6. Whew! Lots of people to blame! Any heroes here? The nominees… John McCain – Tried to stop the Freddie & Fannie madness Nouriel Roubini – Told you so (like a mean, drunk uncle) John Paulson – Didn’t tell you, just took your money (taught you a lesson?) Warren Buffet – Told you so (like a kindly grandfather) Ron Paul – Maybe told us so (but maybe just complains about everything like crazy grandfather)