The black hole in financial markets
Subprime mortgages were the beginning, not the end, of a global financial crisis, and in recognition of this fact equity markets have crashed. Full Story »
Posted by Derek HawkinsTo:
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This author neatly explains the situation we are now experiencing, wherein the basis of many American's "wealth" has been exposed as a chimera and then disappeared. He expresses faith in the Obama presidency to bring on real reform in our culture. The future has yet to be written. Let us learn from the past.
Personally I am sure many of us have long recognized that homeprices cannot keep doubling, while wages stay stagnant or jobs simply dry up for many workers. Even with highly compensated elites pickng up multiple residences, that will not keep up the inflated price of homes. I don't think a civilization should speculate and skew prices of necessities like housing, energy, heat and food. If "fatcats" want to play and bet, let them choose non-essentials for their gaming pasttimes.