Alphadog has provided a link to info about the sub-prime debacle taught to me by my "financial whiz" a few months ago. It bears repeating, because the Government is happy to shift the blame...or at least allow the media to shift the blame, to financial institutions that made the loans, as though it were their predatory practices that created this mess.As almost always, it was, in fact, government nannyism once again, interfering with the healthy conduct of the financial market, becoming single-handedly the instrument of the crisis.
And now it wants to save us. Oh God. Please don't!
But Wall Street...as hungry for welfare as any crack whore...is only to happy to celebrate the further idiocies the Fed is perpetrating in a vain effort to salvage the mess the government mandated...an effort that is cutting your buying power in half, by depressing the value of every dollar you have, and printing more; which is called inflation.
In its formidable stupidity the Feds are doing what they did in the 30's. Making a recession into a depression, and making it longer and deeper than it ever would have been without its "help".
Popular history has it that FDR and the government "saved" the country with their shenanigans, but they literally created the Great Depression. Any serious unbiased economist will tell you. Oh there was a crash alright. But it would have self corrected in much shorter order if the Feds hadn't stepped in with their market immobilizing witchdoctoring.
Governmental interference in the free market always makes things worse. ALWAYS. And they just can't wait to get in there and do it again.
God bless us every one.
The Gunslinger
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