Tuesday, September 23, 2008
housing prices can start to rise again and the collapse can be prevented – maybe
extracts :- The unwavering message of the mainstream coverage of the 'Credit Crunch' is... The impending implosion of our financial system is an unintended consequence of unreasoning, animalistic, undirected greed and fear. No-one could have predicted it. There is no predetermined objective. The people responsible for our great financial institutions are honestly trying to unf*** things as best as they can for the Common Good . - It will shift the banks' liabilities onto the federal government, sharply increasing government budget deficits and the US debt, a process that can only further erode the creditworthiness of the United States and place a bigger question mark on the value of the US dollar.