Monday, March 17, 2008

Could Not Have Said It Better Myself

Figures it'd be a foreign reporter.

America was conned- who will pay?



Blogger Bob said...

about damned time someone spelled it out.

But is anyone here paying attention?

6:02 AM  
Blogger Gordo said...

Stucco, the very fact that it's being said by a foreign reporter will doom it to the circular file. Joe America doesn't read the Guardian and has been very efficiently conditioned to mistrust all foreigners.

6:19 AM  
Blogger General Catz said...

Very depressing, but anyone with a brain has seen this coming.

BTW, i am wondering how much your gold has appreciated... you were right!

11:07 AM  
Blogger Scott from Oregon said...

I agreed with the first half of this article but not the second half. There is no need for "more regulation" to make this not happen again. All you need is for the financial institutions who practiced predatory lending, and ill-advised lending to suffer the consequences of the market. They need to take it in the ass a time or two, and they'll regulate themselves...

There is no need to dis-allow the sale of foreclosed properties by auction. There is nothing to be gained by artificially high real estate prices (you should check out California)and having the market collapse is good for those who can't afford a home due to the over-inflation of home prices. What thirty year old can afford the mortgage on 500,000 dollars for a three bedroon house?

None of this shit is new or unforeseen. Ron Paul (ahem, remember HE WHO COULD NOT BE NAMED by the media elite? All owned by corps. that own all the military manufacturing, btw...) He actually said this was coming down the pike nine months ago, in a speech that no one bothered to listen to in Congress. He got it almost exactly right.

Anyway, the guy who wrote this is likely a European socialist (gasp!) whose first instinct is to get the government's nose into everything and have them "solve" this, not acknowledging that the problem came directly from government to begin with?

If GW Bush would have stepped differently and congress would have danced differently, we'd have been through this recession back in 02 and 03, and it would have been a mild cyclic dip.

Now it's gonna be a turd in a whirlwind...

11:37 AM  
Blogger Scott from Oregon said...

It hasn't been a secret... but it has been an uncomfortable truth no one wanted to acknowledge...

12:38 PM  
Blogger Gordo said...

The BBC also has a seriously disturbing report about the new shanty towns sprouting up in the wake of the subprime letdown. Again, the foreign media beats the US media to the punch.

10:11 PM  

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