While nobody could have predicted the extent of the fallout of the credit crisis, the handwriting was on the wall that trouble was brewing the moment the Subprime crisis made news. It’s interesting that those who read economic and investment blogs seem to be better informed than the leadership. Take a look at this video:
[youtube=http://www.youtube.com/watch?v=HqM7hcTMXDs]I’m sure you remember Paulson’s constant reminders that “we have a sound banking system.” Maybe the top political echelon should also start reading blogs regularly instead of watching the cheerleaders on the financial news channels?
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Thanks for posting this and depressing me. 8 years of a bogus war, botched Katrina relief efforts, stripping of civil rights, pillaging of American citizens by banks, Wall Street and other government institutions, and an ineffective Congressional oversight for all of the above — no wonder this country is a mess i so many ways. Government has failed us on numerous levels.
I’m so glad Bernanke has studied the Depression so deeply because he will get to see a modern one up close and personal. Nice to hear from Stephen Leeb the Dweeb. He would have been a great captain on the Titanic — never would have seen that iceberg.