25 People to Blame

This article by Nancy Gibbs talks about who is to blame for the financial crisis we are living in. Obviously, this situation was not created by just one industry or one person, but it was created by the bad decisions and greed of many. I have chosen two of the list:
 American consumers
 Bernie Madoff

BERNIE MADOFF
Madoff is known for pulling off one of the biggest financial frauds in history. Many people including retirees believed him and invested their hard-earned money. This caused a great impact in America's financial problems. It is unbelievable how Bernie Madoff was able to trick many, even regulators who were supposed to safeguard and protect investors.
Madoff's greed led him to this path. Unbelievable facts were released after the scandal such as using the money of those who believed in his promises to purchase really expensive items. Despite the economic situation Madoff continued to lie and offer high returns on investments but instead of investing he deposited that money into his personal bank account.
This fraudulent activity has cost so much to America and is considered to be a threat to our national economy. Many retirees lost the much needed income to support themselves and others have had to give up their dreams. Parents invested for their children's education but trusted the wrong person. This wrongful action contributed to the financial meltdown we are trying to recover from.

AMERICAN CONSUMERS
When the US economy worsened day after day someone had to be blamed for that condition; fingers were pointed to the government, the banks, and Wall Street, but what about the face that we look in the mirror? - Ourselves - American consumers.
It is true that banks provided loans to people who couldn't afford to pay them back. Loans of $250,000 and more were issued to minimum-waged employees. Bad decisions were made by these entities but at the end "why should we blame somebody else for giving us what we ask for?" Most Americans want to have a lifestyle that they cannot afford. Studies and statistics have demonstrated that our spending is higher that our income. Brand names have caught our eyes and we have to own it no matter what the consequences are.
We are living in a society that judges people by what they wear and own. Society has set some standards impossible to reach for most Americans. Many have gotten into debt in order to possess what they want and in many cases don't need. Our possessions such as; cars, houses have been getting larger and more expensive. We are constantly changing and updating our cell phones and our wardrobe has to be similar to those of the celebrities. Saving accounts have been emptied and credit cards maxed out. There is no doubt that the American consumer has played an important role in the financial crisis.