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September 27, 2010



Good grief. The crisis was caused by manipulation of the real estate credit market in an extension of the bubble economics used to "manage" the economy now for decades.

I saw interest only loans and reverse mortgages and said, "history repeats, here comes the Great Depression again, with all the known, specific antecedents."

Anyone who understands the Great Depression and how it was caused should have had red flags and sirens going off in their heads as Wall Street went down the same path... again. I sure did. Brain dead regulators and unconcerned bankers (or bankers seeing soem opportunity in a crash?) are the cause, along with the consumers that went with the roll.

Paul Fisher

The statement that we were close to the edge of collapse has been repreated ad nauseum but with absolutely no support other than quoting others saying it too. It's become a circular loop. Some bankers saw their own institutions on the brink and they generalized to 'the sky is falling' and the government then shoveled out the cash.

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