I have nothing to do with this

[cema]

As I am not an expert in finances or economics, I defer any judgment on the bailout and its failure.

But we are all experts in politics, aren't we. Do I understand it correctly that the basic driving force behind the current financial troubles is a failure of a socialist experiment in the housing market? Or is it only part of the problem?

And the politicians, as usual, will blame someone else. (And everybody else will blame politicians.)

It is interesting to note, too, that more Americans are reported to trust Obama's team on economics than McCains' team. Whereas one would think that it would be the other way.

Update. A bit heated in the comments. Chill out, the world is not going to end right now.

Comments

Re: Socialist or capitalist

[gera.livejournal.com]

That's a very good and very relevant point. Compare that with your previous comment, especially it's first two paragraphs. What's the cause and what the consequence?

Ok, there's some cheap money floating around and people are looking for a place to invest it. They find an area that's already booming, that's promising great returns?
Why is it already booming? Because of the increased demand. Why is it increased? Because suddenly there are many more buyers than prior to that point.
Where did they come from? Not from natural growth or immigration but from a social sector that had had few home owners before.
Now, that's the horse and the CDO business and it's infamous end is the cart.