The WSJ points the finger at....

Oh the hypocrisy of it all.

Everyone and their mother has an opinion regarding how we, and much of the rest of the First World, wound up in the current economic mess/crisis/disaster/(insert your preferred word here). And leave it to the ever-so-smart folks at the Wall Street Journal to have their scapegoat as well: the Federal government.

Take a peak at the article titled "Synchronized Boom, Synchronized Bust" by Marc Faber over at the WSJ website:

http://online.wsj.com/article/SB123491436689503909.html

It's quite short, but it really doesn't take much time to skewer the government.

It would seem that all our current financial woes were due to poor insight and planning by the federal government; the Federal Reserve in particular. Nothing to do with Wall Street. Of course not. Perish the thought.

Funny though....while the article (and the many commentators that followed) talk about run up during the boon times there isn't anything stated to indicate that Wall Street had any problem with the policies that led to the boon times. The sharp criticism for poor Fed policy only seems to come now: during the bust.

Why exactly is that?

Could it be that as long as there was a boon and folks working in and on Wall Street were making money hand-over-fist there was absolutely no reason to point out the alleged folly of Federal Reserve policy? I mean, why tip over the apple cart when the eating is so good, right?

But now that things have gone awry the best thing Wall Street can do is stick out it's collective hand for a collective hand-out, and then point the finger of blame at the very folks saving their asses today.

Amazing.

I don't know how they do it. They truly must have brass ones.