While greed certainly played it's part, I don't think it is the bottom line. All people are greedy, that's just a fact of life. Greed doesn't have to be a problem. In a working free market, and I mean a free as in an austrian economics school sense free market, the only way for you to improve your material standing is by providing something someone else wants to buy (voluntarily). That leaves both parties happier even though you are each acting greedily to improve your own standard of living. The problem in the last 30 years or so is that the rule of law doesn't apply to certain aspects of society (politicians, government officials, bankers and big business). Karl Denninger on market-ticker.org does a good job of covering the various frauds so I won't repeat it here. Go read it, time well spent.