Who is to blame for the economics problems: By 60 to 31 percent it is the government, not Wall Street
An Oxford-style debate held last night at New York's Rockefeller University featured an argument over whether Washington or Wall Street "was more to blame for the financial crisis." Before the program began, the 700 audience members voted to pin Washington with more of the onus by 42% to 30%, with 28% undecided. After spirited exchanges between six debaters, the post-debate vote was a knockout against the Beltway -- 60% fingered the nation's capital with more of the blame, with only 31% choosing Wall Street.
Last night's debate was joined early when historian Niall Ferguson listed four entities he said played a major role in the financial collapse -- the Federal Reserve, the SEC, Congress and the White House. "You will note all of them have addresses that end with Washington, D.C.," he concluded. The opposing team was led by Nell Minow of the Corporate Library, a research firm that rates boards of directors on corporate governance issues. She tripped up in the eyes of many by claiming that campaign contributions from Wall Street to naive Washington politicians meant that the nation's capital was "a victim" in the financial meltdown. . . . .
A transcript of the debate is here.