The Federal Reserve writes the financial rules. The Federal Reserve prints the currency(meaning they determine the when and how much the monetary supply increases or declines-inflation and deflation). The Federal Reserve determines the interest rates.

Someone please explain how they are not the primary cause of these financial woes.

peaceably

Oddly 405, I am listening to an mp3 of a Stiglitz interview. Two Nobel Prizes he has. From what I gather, you too might agree with his estimation of the problem(s). Among other things he says he saw this outcome as inevitable years ago, referring to the housing market as a pyramid scheme.