Experts often criticized people who believed the crash was because of greed in the banks. Richard Rahn, a writer for the Washington Times, argued that many politicians too quickly bought into the idea that the crisis was caused by greed, rather than taking responsibility themselves. He suggested that it was easier to blame the banks and that was why people chose to blame them. He argued that everyone was quick to blame the banks before doing their research. In another Forbes article, the writer noted that “after five years, thousands of misguided articles, and dozens of poorly-researched books, many people - especially the financial journalists and professional economists among us - still don’t get it.” Later in the article, the writer suggests that the primary cause of the crash was not lenders’ greed, but government policies that, ironically, were enacted to help those who were desperate and couldn’t afford housing. He argues for a free market approach and criticized these policies because they did not lead to a well-functioning market; therefore, the crash was inevitable. Starting in the late 1990s, the government required Fannie Mae and Freddie Mac to acquire increasing numbers of affordable …show more content…
The greed of money driven private lenders and banks led to the crash, but the insufficient regulatory systems of the government allowed for those lenders to take advantage of the system. Two groups are to blame for the market crash and the financial crisis that followed: banks and the government. The consumers are also part of the issue, but they got the loans because they could. The crash is an example of a lack of government control and money driven people taking