A great macro look at what happened and how it will effect The US ...
quote:
The world’s financial system came precariously close to seizing up these past couple months.
In fact, as far as some big banks and financial institutions were concerned, for a moment in time, the system was in a full-blown cardiac arrest. Liquidity, the flow of money—the lifeblood of today’s economic structure—came uncomfortably close to clotting up.
Defibrillators sizzling and money flowing, central banks around the world acted in concert to jump-start financial markets, slashing lending rates and injecting a half trillion in dollar steroids into the economic pulmonary system.
But contrary to what the big media outlets may have reported, it is actually inconsequential whether or not central bankers succeeded in temporarily stabilizing markets.
Irrevocable damage to America’s economic system has taken place.
I was being sarcastic. I still can't believe that the public has been successfully convinced that this is strictly about "subprime" and not mortgages, banking, and lending in general. It feels like a great big hoax has been committed and not even "investigative journalists" have tried to get to the root of it. It is simpy mindboggling to here "subprime mortage" bandied about continously.
When we speak we are afraid our words will not be heard or welcomed. But when we are silent, we are still afraid. So it is better to speak
