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Thursday, January 29, 2009

Posted 1/29/2009 05:31:00 PM by Douglas

An interesting summary of the economic debacle, but I don't like the use of the word "perfect" in the headline.
"As long as everyone was paying their mortgage, that was fine," said Ali Velshi, CNN's chief business correspondent. "[But] we didn't take into account with these mortgages that people might lose their jobs, the interest rate might go up and the housing prices may go down.

"Guess what? All three happened."
Wow, what luck! I don't like the last sentence, either:
"It was a perfect storm," Velshi said. "It was a lack of regulation, it was greed and creativity in the financial industry, and it was an American dream that got off track."
How could it possibly be lack of regulation? Every aspect of the American economy is ruled by an iron fist by the Fed. Everything that happens, from you writing a check to a bazillion dollar deal on Wall Street, has the tacit approval from those that rule our money. Regulation is one of the prime causes of all this crap.


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