Who's to Blame?
To be fair, the real-estate bubble had many causes, including low interest rates, the political popularity of homeownership and the (mistaken) belief that housing prices could never fall. This may explain why, so far, the backlash against Wall Street has been muted.
But if the subprime failure turns out to be a preamble to a larger financial breakdown flowing from the creation of new securities that offered short-term trading possibilities but whose long-run risks were underestimated, then the mood could turn uglier. Indeed, many Americans may conclude that capitalism has run amok.
© 2008
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Member Comments
Posted By: sharkman @ 04/21/2008 10:37:24 PM
Comment: Every American needs to learn to live without money.Learn to hunt,fish,and plant your own food we will see how rich these thieves are when nobody needs or wants their money.If people reject the system they think we have to live in. If our money system fails the rich theives will have the most to loose.It will be a better world when this occurs.It's not if it is going to happen but when?When will the working class Americans lay down the shovel and climb out of the hole?Soon I hope.
Posted By: sharkman @ 04/21/2008 10:35:39 PM
Comment: Every American needs to learn to live without money.Learn to hunt,fish,and plant your own food we will see how rich these thieves are when nobody needs or wants their money.If people reject the system they think we have to live in. If our money system fails the rich theives will have the most to loose.It will be a better world when this occurs.It's not if it is going to happen but when?When will the working class Americans lay down the shovel and climb out of the hole?Soon I hope.
Posted By: vznuri @ 01/25/2008 8:44:25 PM
Comment: its not "who" to blame, its "what". that "what" is our banking system.
the only candidate who has any idea about this is ron paul.
see a paper I wrote called "fractional reserve banking as economic
parasitism"
http://econpapers.repec.org/paper/wpawuwpma/0203005.htm
endorsed by two phd economists. printed in nexus
magazine, 60k world circulation. #1 top downloaded
economics paper. used by economics
teacher in australia as standard classroom material.
more info on request.
recent supporting material:
The Shock Doctrine: Naomi Klein on the Rise of Disaster Capitalism
http://www.democracynow.org/article.pl?sid=07/09/17/1411235
Confessions of an Economic Hit Man: How the U.S. Uses Globalization to Cheat Poor Countries Out of Trillions
http://www.democracynow.org/article.pl?sid=04/11/09/1526251
John Perkins on "The Secret History of the American Empire: Economic Hit Men, Jackals, and the Truth about Global Corruption"
http://www.democracynow.org/article.pl?sid=07/06/05/149254
Video, senator/pres candidate Dennis Kucinich
at last years 2005 Monetary Reform Conference
http://www.monetary.org/video/kucinich/win_broadband.wmv
Money as Debt, video by Grignon
http://video.google.com/videoplay?docid=-9050474362583451279