This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Who's to Blame? Readers Say Congress

Who's to blame for the economy? TheStreet.com readers have spoken: It's Congress, in a landslide.

Each day last week, a different writer from TheStreet.com made the case for why one of five prime culprits -- Congress, the banks, irresponsible home buyers, the Federal Reserve or the rating agencies -- is most to blame for the credit crisis and ensuing economic meltdown.

chart

We ran a poll alongside the stories last week, allowing readers to have their say. More than 10,000 weighed in between Monday and Sunday. Congress, with 49% of the vote, easily outpaced the banks, with 22%.

Readers bought reporter Lauren Tara LaCapra's argument that lawmakers and their regulatory agencies backed policies they now bash as economically flawed, contributing to the downfall of government-sponsored mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE).

Politicians also reaped donations from the financial firms who profited mightily from those policies, the same firms that are now receiving hundreds of billions in taxpayer-supported aid.

Big national and Wall Street banks like Citigroup (C - Get Report), Bank of America (BAC - Get Report), JPMorgan Chase (JPM - Get Report), Goldman Sachs (GS - Get Report) and Morgan Stanley (MS - Get Report) did not completely escape blame. Its closest competitor was irresponsible home buyers, with 13% of the vote.

Click below to see the complete results:


Who is most responsible for the credit crisis and the recession?

Banks
Congress
Federal Reserve
Ratings agencies
Irresponsible home buyers

This article was written by a staff member of TheStreet.com.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
BAC $16.67 -0.42%
C $54.56 -0.56%
GS $208.45 0.02%
JPM $66.20 -0.40%
MS $38.74 0.31%

Markets

DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASDAQ 5,097.9760 -8.6170 -0.17%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs