Lack of regulation is the main reason we are in this situation today. The signs were evident for several years. The ideology of the current administration would not allow intervention.

Joe, Los Angeles, CA

Bernanke again is right on the money. These rating agencies helped peddle US sub prime mortgages right around the world.

Did you know that over a million US families, in 7 months, facing higher payments and eviction, saved their homes?
http://www.fsround.org/media/pdfs/JanuarydataFS.pdf

Almost 75% of those who applied, were successful, thanks to their mortgage lender. http://www.fsround.org/media/pdfs/JanuarydataFS.pdf

Another kudo for Bernanke, one of the driving forces behind the Hope Now Coalition. And it didn't cost the FED a penny, lenders took losses. http://www.federalreserve.gov/newsevents/speech/bernanke20080304a.htm

So successful is this program that the IRS decided to tax these struggling families on their mortgage windfall from the lender. Bush put an end to that http://www.whitehouse.gov/news/releases/2007/12/20071220-3.html

What are UK leaders doing to help the 3 million homeowners, coming off fixed mortgages in the next 18 months?

Patrick Hogan, Warner, Canada

In 90s, the US and UK argued against better regulation on the basis that if rating agencies didn't do a good job, they would go out of business. Well, in that case, auditors need not be regulated too - if they produce bad audits e.g. Enron, then they will go bust too e.g. Arthur Andersen. But the reality is that, for as long as these firms provide a service to or product that is used by the fund management world who, in turn, manage our money, there needs to be regulatory oversight to ensure that they do their job properly

R Lee, London,

They all knew what was going on. The problem is greed...simple. We need to be protected from that greed.

Paul, Blackpool,

I find it both amusing and irritating that the politicians and now the Central Bankers are amongst the first to lay blame elsewhere.

Strange that, given that the first group are responsible for making the law and the second group for implementing and/or regulating it.

MarkS, Leeds,

Yes, the ratings agencies are part responsible yet again BUT remind me who laid the base for all this financial speculation - the FED by leaving interest rates far too low for far too long. Others were only taking advantage of lax (to be polite) monetary policy management and a raging money supply. Don't look any further and yes Bernanke was part of it when he was appointed because he should have immediately raised interest rates then.

Richard, Newton Abbot,

When a layman like me was nervous of the market in 2006, why were the professionals not able to evaluate and assess the risk. Even thought the bankers, credit analysts are inherently smarter and more savvy yet the gold rush for bonuses and the greed factor blinded them to the underlying risk. When they were laughing all the way to the bank(no irony intended) why shouldn't they be held accountable for the debacle that followed. Mr. Whalen blaming the Fed is a little thick as the outsourcing of responsibility is not an acceptable excuse.

r h mayo, LA, USA

In France we don't have consumer credit reference agencies.In order to for a lender to even consider you for a mortgage,you must supply a reference from your bank,your last months pay-slips and bank statements and last years tax returns.There is no sub-prime problem as sub-prime loans are not allowed by law.If the US and UK had followed this system would there be a credit crunch?

Stephen Hulton, eure, france

When you look at whom rating agencies recruit you see it is those who project the right professional image rather than the type of person with a commitment to finding out the truth about a company's financial position. The policy was carried to such extremes that the ratings were effectively worthless.

The problem is broader than just credit rating agenices, or indeed the financial sector. As a society we value presentation far more than substance, and the costs are extremely high.

Malcolm McLean, Bradford, UK