Who Caused the Economic Crisis?

FactCheck.org lists on their website who they think caused the economic crises. Guess what, it's almost everyone. Below is their list. Count how many times the gov't is listed.

• The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.
• Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.
• Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.
• Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.
• The Clinton administration, which pushed for less stringent credit and down payment requirements for working- and middle-class families.
• Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.
• Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.
• Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.
• The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.
• An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.
• Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

I counted six times the gov't, three times the private-sector and once the consumer. The last one included everybody. Will the economy eventually recover? Of course it will. It is a dynamic non-linear system. Those systems have a strong tendency to self-correct. But if you tamper or mess with them too much they can become chaotic and never recover their previous state. When it comes to the economy, it is the gov't (especially Congress because they enact the laws) is the one who can really make things worse. Gov't can screw up the natural workings of the economy if they do not know what they are doing. Which is most of the time.