Who’S Responsible?


After years of observation, it is hard to arrive at a conclusion as to who’s responsible when something goes awry?

When something goes wrong, a lot of finger pointing occurs because most people do not believe it is their fault, nor are they willing to take responsibility.

For example, in an office scenario, when the office copier does not print from an employee’s computer, the first instinct is to want to know what is wrong with the copier, however, often times, it is the employee’s computer that is causing the problem.

We always seem to look for someone else to blame.

The present condition of the real estate market has caused a lot of finger pointing as to who is responsible for the current state of the housing industry.

The banks and mortgage lenders are an obvious choice of who to blame for the condition of the real estate market, because they created the sub-prime lending practices.

They say it is not their fault because the government encouraged this type of loan to get more people into home ownership.

Mortgage brokers say that they are not at fault.

They were simply helping people get in homes with mortgage plans that were approved by the quasi government agencies Fannie Mae and Freddie Mac.

The entities who bought the sub-prime notes (like the country of Iceland who is facing bankruptcy) blame the credit rating bureaus for giving the loan packages AAA ratings.

The credit agencies do not think it was their fault because they were relying on the information given to them by major Wall Street firms.

To date, no significant action has been taken against the credit agencies, so they can hardly be blamed.

The government’s Security and Exchange Commission, which oversees securities such as the sub-prime loan packages, say they are not at fault for lax oversight because they are overworked and understaffed.

So who gets the blame?

Perhaps it should be us.

The lax federal government oversight and economic irresponsibility may be the leading factor that created the current real estate market.

So why do we get the blame?

Consider this — we are on the board of directors who continues to elect to the U.S. Congress — the management who oversees the national policies and economic oversight of our nation.

Most of us elect government officials with little knowledge of their fiscal intelligence or character.

Someone has to be blamed, so it might as well be you…. We, the taxpayers, must be at fault and bear the responsibility. After all, isn’t it us and our taxpayer dollars that are paying to clean up this mess?

Ray Pugel is a designated broker for Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.


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