One view on the economic woes...
The Mind-Boggling Trillion Dollar Bailout: A Q&A With Finance Writer Max Wolff
"MFW: By the way, the US Dollar is now the world's first currency backed by home mortgages!"
"MFW: There is no easy fix here. It's crucial to understand the underlying problem. Over the past few decades, Americans' wages did not rise and government taxes did not rise overall. But, people and the government massively increased their spending. Thus, the vast debts and our addiction to foreign capital -- much worse and more pressing than the addiction to foreign oil! Now it's finally become clear that America can't pay back all the money -- and that is the source of all the pain. It is rippling through the system and slamming owners investors, traders. As long as the problem was just people losing their homes, there was no sense of urgency. But when it hits the people who really count, it is a crisis and they get help."
Worth reading the whole thing.
"MFW: By the way, the US Dollar is now the world's first currency backed by home mortgages!"
"MFW: There is no easy fix here. It's crucial to understand the underlying problem. Over the past few decades, Americans' wages did not rise and government taxes did not rise overall. But, people and the government massively increased their spending. Thus, the vast debts and our addiction to foreign capital -- much worse and more pressing than the addiction to foreign oil! Now it's finally become clear that America can't pay back all the money -- and that is the source of all the pain. It is rippling through the system and slamming owners investors, traders. As long as the problem was just people losing their homes, there was no sense of urgency. But when it hits the people who really count, it is a crisis and they get help."
Worth reading the whole thing.