Tuesday, Mar 09, 2010
Don't blame it on the sunshine, don't blame it on the moonlight...
Guardian: Blame it on the bubble
Politicians and the media continue to refer to the economic downturn as being the result of a financial crisis. This is wrong. We have 15 million people out of work because the housing bubble that drove the economy since the last recession finally burst. The financial crisis may have been good entertainment for those who like to see huge banks collapse, but it was a sidebar. The real story was the rise and demise of the housing bubble.
Posted by cass @ 07:24 AM (302 views) Add Comment
2 Comments
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1. Dbc Reed said...
Guardian continues its strong line of form on the vital connexion between the collapse of the housing bubble and the Credit Crunch.
2. paul said...
And the reason everyone prefers to call it a financial crisis is because to acknowledge a credit bust, you must first acknowledge a credit boom.
Which by definition is not the same as a supply-and-demand led housing bubble.