People should be going to jail. If this was Enron, “BIG” Tobacco, “BIG” Oil or Haliburton, they would be.
Which ones? Raines, Gorlick, andJohnson (Fannie Mae)? Barney Frank, Bill Clinton, Jimmy Carter (Community Reinvestment Act)? GW Bush (occurred on his watch, and somewhat asleep at the switch)? Hard to tell.
In countries where punishment for economic crimes is severe--like Communist China--power and popularity decide who takes the fall.