There is plenty of blame to go around in the current economy. Congress, Wall Street, regulators, homeowners, CEOs, and the list goes on. But make no mistake, fairness and blame do not go hand in hand. Time Magazine has just published a list of the top 25 People to Blame for the Financial Crisis. While the list is fairly accurate, don't expect similar lists, raving commentaries or funny Saturday Night Live skits at the expense of Wall Street to go away any time soon.continue reading below video player
In a normal economy, despite Wall Street's collective sense of self importance as the center of the universe, most people outside of financial services don't pay attention to the Dow. They could care less, as long as things keep going well. Even during a normal economic slump - which this recession certainly is not - a majority of citizens show only a casual interest in the day-to-day workings of financial markets. But now, with the financial markets and the overall economy in desperate shape, suddenly everyone is eyeing Wall Street. Right or wrong, perception is reality, and people do not like what they see. The Blame Game will continue, as this article points out.
So get used to being tarred and feathered or dragged through the mud. People are angry that they are bailing out banks. The sooner Wall Street realizes that no amount of justification about bonuses or corporate jets or junkets can help, the sooner the populist sentiment will die down and everyone can get back to fixing the markets and the economy.There is plenty of blame to go around in the current economy. Congress, Wall Street, regulators, homeowners, CEOs, and the list goes on. But make no mistake, fairness and blame do not go hand in hand. Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio