Two about the U.S. economy
Posted by Fredsvenn den april 19, 2008
Two things Americans need to realize now about the U.S. economy:
First, the downward slide triggered by belated recognition of the subprime mortgage fiasco has a long way to go – and it’s going. Secession is certain, and, despite the entire chorus of economists, bankers and government officials to the contrary, a depression such as that of the 1930s is possible. The mortgage mess was the catalyst, but it’s only one of many serious problems lurking in the American economy.
Second, the present flop and the agonies yet to come are not the result of what honestly could be called an accident or even simple failure to recognize the dangers inherent in the recklessness of the mortgage lenders and their top-of-the-ladder enablers.