Few professions can claim to have instigated -- almost single handed -- a World-Wide recession. Yet the breakdown in accounting controls and financial reporting are primary constituents of the current economic meltdown. The housing market bubble involved the excessive use of leverage finance. These high-risk practices could have been prevented by the proper application of accounting controls and financial reporting. Yet it would be a mistake to reduce the crisis to a technical accounting failure. Rather, the context of this failure 'necessitated' the accounting failures.