The credit crunch. I thought this was just a media invention until Lehman Brothers closed down.
Then I started to read about sub-prime loans, NINAs and NINJAs, world savings of 70 trillion usd, and I realised that there was a housing bubble, and it just burst.
There is a very informative and humorous piece at thislife.com called The Giant Pool Of Money. Go and read it or listen to the recording.
October 16, 2008 at 2:34 pm |
Not just a housing bubble. But government interference in the housing market. Forcing banks to loan to people that had no possible ability to actually make payment on their loans. All in the name of diversity. Policial Correctness is going to kill America.