A different perspective

Most of what I've read about the "credit crunch" in the US has described the process as basically an unfortunate incident that took the market by surprise. While I have my own feelings that greed and speculation played a large role, this is the first article I've come across that describes the intentions behind the major players' actions.

It was suprising to read at first, since I guess I am a bit naive in my thinking of the markets as cold, soulless arenas where financial transactions take place without malicious forethought. But this is the real world. People are out to make money. Hedge fund managers are trying to "earn" their million dollar bonuses.

every financial crisis must have villains: a cabal of cranky, omniscient, uncaring old men pushing buttons that drive stocks and home values down, ruin families' retirement plans and make kids cry