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09-10-2008, 04:09 PM | #1 | |
Senior Member
Join Date: Mar 2007
Location: Happy Valley, PA
Posts: 1,866
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Quote:
I recently read somewhere (was it on this board?) that a major difference between this economic downturn and ones past is the amount of consumer debt Americans (and Brits, and other Europeans) are carrying. They have little wiggle room to handle the painful economic adjustments that are going on. When things finally finish re-setting, with higher fuel, food, and credit prices, they're going to have a really hard time making it work. While it's obvious the gov't. had to do something with Freddie and Fannie, this mentality is killing me. From Bear Stearns to this, the Feds may be trading short-term stability for long-term suffering. Once they start trying to control and regulate risk, we're all screwed. But it's not like I have a better idea. Just 20-20 hindsight. What a mess.
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I hope for nothing. I fear nothing. I am free. - Epitaph of Nikos Kazantzakis (1883-1957) |
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