Here are the final four of Anderson Cooper’s Top 10 Culprits of the Collapse:
4. Angelo Mozillo—Former CEO, Countrywide Financial
3. James Cayne—Former CEO, Bear Sterns
2. Franklin Raines—Former CEO, Fannie Mae
So, it seems Anderson Cooper and CNN have more or less substantiated my opinion. Greedy businesses played the numbers game in a shady Enron-esque manner, which was facilitated by deregulation by Congress and poor oversight by government watchdogs. Add in consumerism in the form of more-house-than-I-should-be-able-to-afford and a desire for toys like boats, ATVs, snowmobiles, etc., and it’s no surprise.
Actually, what’s truly amazing is the house of cards lasted as long as it did before all the bubbles started to burst. Hang on, because there may still be more bursting yet. It’s not over until the the weight-challenged female vocalizes in melodic tones.