My two cents...

I personally don't think that "other countries" are really to blame about the current state of the economy as much as U.S. consumers.

Consumers are not being financially responsible and/or feeling entitled to live the "American Dream" thus over extending themselves and living WAY beyond their means; maxing out credit cards, taking on mortgages and car loans that are more than they can afford to pay.

Unfortunately, most Americans are not properly educated in basic personal finance. Personal finance should be taught to every child in every school.

I have read about and seen on financial shows, over and over, the same situation. People racking up huge student loan debts, buying brand new cars, houses, expensive toys, having a bunch of kids, etc., and than crying foul about CC companies, banks, the economy, etc.

No one forced these people to max out their credit cards, have 5 kids and buy a new car every year. If people were not so concerned about "keeping up w/the Jones'" and just showed some restraint and learned how to be disciplined about spending, they would not dig these holes they can't get out of.

Some people blame CC companies, banks, mortgage companies, etc.

Although I admit that there are predatory businesses out there, once again, no one HAS to do business w/them. Not doing the proper research going into a financial decision (read the fine print!) and/or being compulsive about spending is the problem. Every person who has defaulted on a loan, or had their home foreclosed or maxed out their credit card and been hit by interest hikes and/or late fees, has done so on their own. The companies are not to blame.

I have had loans in the past and paid them on time. I have credit cards, but no debt. I am not super rich, but I am financially secure. I did it through hard work and financial discipline; planning ahead, creating a budget and sticking to it.

I think folks need to worry about themselves and their financial situation instead of focusing on and/or blaming the U.S. or global economy.

Companies share some of the blame because many made a bad habit of lending money out to people who couldn't afford the "American Dream" (mortgage companies like Countrywide). I'm sure the people taking out the loans knew they couldn't pay it back, but the big companies also helped play devil's advocate by convincing the borrower to take the loan. Also, credit default swapping and the subsequent "netting", which is unregulated, has been largely to blame for helping to destabilize the economy.

There have been many contributors to the current economic crisis, but there isn't really one entity to blame. And I agree with pants. . .if you are financially responsible then you won't be affected as much by the crisis however, it is not bad to ask questions and understand why this all came about. I mean, even though I don't have any debt, i know my family members who are in my same shoes have to worry about their jobs being taken away. . .you can't help keeping from getting laid off or not getting your yearly bonus because budgets are especially strained this year. . .

This affects all of us, and even though we'd like to point the finger and blame the other person, like pants said again, it's probably not productive to do so.

I think that a lot of this financial crisis comes as a result of Alan Greenspan believing that human nature would cause leaders of corporations to act in the best interest of their shareholders without becoming greedy. Furthermore, as a previous poster has mentioned, the average American consumer is in debt, and a materialistic lifestyle is leading people to fill their homes with junk that they do not need.