11) Millions of American citizens who, in the wake of the tech-bomb bubble, did not wise up but dove head first into a housing bubble. Many of them borrowed money out of their primary residence to use as down payment on a second house, making them 100% leveraged on the second house. Many of them committed fraud on their low-doc loan apps.

We can’t blame the government completely (although I also agree with the list above). At some point the citizens have to responsible for their own actions.