The Great Financial Swindle of 2008
Arguably the most important, clear, and concise article to date on the U.S. Sub-Prime Mortgage mess was published yesterday in the Wall Street Journal. You can read it here.
Now that I have taken the time and made a concerted effort to gain a much clearer understanding of what caused this huge financial problem, I am absolutely amazed that Democrats and many of their friends in the media are trying to blame the Republicans for this problem. Does not truth matter anymore?
1 comment:
Hmmm...nothing about the general culture of debt in America that first took hold of the US federal government towards the end of the Vietnam War and has gone on ever since, whether it was a (D) or a (R) president running the place(especially under Reagan)?
Nothing about how the the use of credit and consumer debt has infected the mindset of the American public and has thus led to a negative national savings rate?
Oh course, it's always easier to point the finger at the big-government socialists and blame it all on them (partly justified) while the big-government conservatives seems to have nothing to do with the problem...none at all.
Because big-government conservatives don't get themselves into budget-deficits or current-account deficits...and the currency is out-performing its peers in the foreign-exchange markets.
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