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Now you can't blame it all on Bush and his war. This was a subprime meltdown, and both parties can take a certain amount of credit for it. Hell, both of 'em were bought off. I understand that some of the Arabs were shorting airline stocks before 911, blaming everything on Bush is an oversimplification.
We live in a country where 70% of the economy is consumer driven, and our currency is based on debt. The only thing which will right the boat is to convince people to continue to live beyond their means.
The problem is that the banks can take a promissory note and convert it into an asset...then loan 10x, or as much as 30/40x as much money as their current assets (fukkin' IOU's) are worth. When people don't pay up, the whole shell game comes apart at the seams. That's where we're at now.
Kind of a simplistic assessment of the situation, but more right than wrong.
At least I think so.
Chas
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