“The 2008 financial crisis was ‘avoidable’ and brought on by the actions of government officials and private-sector players, according to a blue-ribbon panel’s draft report that spreads blame broadly for the meltdown.

The Financial Crisis Inquiry Commission’s draft report singles out federal banking regulators for particularly sharp criticism, saying that ‘the prime example’ of the system’s shortcomings was ‘the Federal Reserve’s pivotal failure to stem the flow of toxic mortgages’ over the past decade. But the report also has harsh words for both ‘captains of finance’ and Main Street lenders.”

What do you think?

Who do you think has earned more blame for these bad business decisions – businesspeople or the regulators that are supposed to be setting and enforcing regulations? How have you been affected by the financial crisis?

Tags: financial crisis, financial reform, recession, regulation