Senate Investigation Says Banks Caused Crisis, Not Borrowers

"I’m not saying that borrowers played no role in the crisis, they certainly did… we all did, in the sense that essentially all Americans have a tendency to take on too much debt. We use our credit cards too much, we load up on student loans more than we probably should, and in general… we probably just plain buy too much stuff. But to blame the crisis on borrowers is a bit like blaming flooding for the damage in New Orleans after Katrina. Yes, there was flooding to be sure, but I’m pretty sure that it was the hurricane that was the actual problem."