The Financial Crisis: Who is to Blame?

A - The Big Picture.

1 Frankenstein's monster: The end of Laissez-faire capitalism.

2 The rich get richer - the poor borrow.

3 The savings glut - global imbalances.

4 Too loose for too long - US monetary policy.

B - The Trigger.

5 Minsky's Moment.

6 The sub-prime collapse - a failure of government?

C - The Failures of Regulation.

7 A capital shortage.

8 Procyclicality.

9 The Canary in the Coal Mine: off-balance sheet vehicles.

10 The taxi at the station: liquidity.

11 The Blind Mind and The Elephant: US Regulation.

12 SEC- RIP?

13 Financial Weapons of Mass Destruction: Derivatives.

14 Federal Mortgage Regulation.

15 Casino banking : the end of the Glass-Steagall Act.

16 Too big to fail.

17 Lighting the Touchpaper: Light touch regulation.

18 There were three people in the marriage: UK regulation.

19 Lack of Coordination.

20 Paradise lost: offshore centres.

D - Accountants, auditors and rating agencies.

21 Shoot the Messenger: fair value accounting.

22 Tunnel Vision: the auditors.

23 Conflicts of interest: credit rating agencies.

E - Financial Firms and Markets.

24 Breaking the chain: originate to distribute.

25 Too complex to trade: derivatives.

26 Disaster Myopia: risk management.

27 The Roach Motel: corporate governance.

28 Blankfein's bonus: pay and incentives.

29 The Vampire Squid.

30 A plague of locusts: hedge funds.

31 Short Selling.

F - Economics and Finance Theory.

32 The death of economics.

33 Inefficient markets.

34 An ethics-free zone: business schools.

G - Wild Cards.

35 The watchdog didn't bark: the media.

36 Greed is bad.

37 Lara Croft: video games.

38 Hormones.

And Finally.

39 A combustible mixture.