Who is to blame for the subprime mess?

Who is to blame for the subprime mess and what can we do to keep this from happening again? Do we need more regulation of mortgage lenders? Do we need to change the way underwriters are paid? Do we need to change the way credit rating agencies do business? All of the above? Something else? None of the above? -ACSullivan

The markets

Where do you think the market is going? Volatility today was incredibly high. Markets seesawed pretty violently before closing up from the day before. Does this mean that the Fed interest rate cut worked? Are we out of the woods? Futures markets seem to indicate that tomorrow will open lower. Will Asia decouple from the US? I'd be interested to figure out your opinions.