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Economy Blame Game.

Byline: JEREMY J. SIEGEL

Who's to blame for the sorry mess the economy finds itself in? Is it former Federal Reserve chief Alan Greenspan, who failed to sound an alarm about "no doc-no income" loans and kept short-term interest rates too low for too long in an attempt to jump-start the economy early in this decade? Is it the investment banks that packaged and sold billions of dollars' worth of high-risk home loans, often bundled in complicated "tranches" that nobody really understood? Or perhaps it's the bond-rating agencies that stamped these loans AAA.

The answer is: all of them and none of them. Yes, they all contributed to the housing boom and the proliferation of ...

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