Many folks are asking what the hell is going on, how did we get here and who is responsible?

The Washington post has named names on what and who are responsible for this disaster.

The issue at hand was regulation of the derivatives market and Brooksley E. Born wanted to regulate it. This is 1998, the Clinton administration.

It seems Federal Reserve Chairman Alan Greenspan, Treasury Secretary Robert E. Rubin and Securities and Exchange Commission Chairman Arthur Levitt Jr. didn't want any regulation on the growing shadow banking system called derivatives.