The finger of blame points widely, encompassing greedy bankers, the Iraq war and even Margaret Thatcher.
Read it all. It certainly is nice to see a broader list, but it is missing lots of elements. Where, for example, is the SEC? KSH.
The finger of blame points widely, encompassing greedy bankers, the Iraq war and even Margaret Thatcher.
Read it all. It certainly is nice to see a broader list, but it is missing lots of elements. Where, for example, is the SEC? KSH.
My parents bought one of those council houses from Maggie Thatcher and it was the best thing ever for them. Does the government need to own 25% of the housing in the British economy. It is not an obsession to want to own a home. To be always refinancing against it and keeping the equity near zero is an obsession.
http://www.pwcweb.com/ecw
Yes, this is a rather bizarre litany that seems to throw in everything, some central to the problem, some so peripheral to make the whole list seem uninformed. In the US, the problem originated with the push for risky loans (and all the house flipping, etc. that led to house “values” outstripping inflation and reality). This problem lies squarely at the feet of the Democrats. The problem did get magnified by the leveraging and credit swaps. If we had no war with Iraq or no huge trade imbalance with China, we would still be in this mess.
[blockquote]If we had no war with Iraq or no huge trade imbalance with China, we would still be in this mess.[/blockquote]
I agree. Although, the trade imbalance may be a symptom of the borrow to buy what you can’t afford and don’t need that exacerbates financial crises.
Why the trade imbalance does matter: http://www.pressdemocrat.com/article/20081007/OPINION/810070368/1070?Title=MALLABY__Blaming_deregulation_for_this_financial_mess_is_misguided