Video: Burning Down The House: What Caused Our Economic Crisis?

Burning Down The House: What Caused Our Economic Crisis? V1
youtube.com/watch?v=H5tZc8oH–o

Burning Down The House: What Caused Our Economic Crisis? V2

youtube.com/watch?v=NU6fuFrdCJY

They are two very good videos that show how we got into the mess we are in today. They blame the Democrats, but keep in mind some Republicans had to have voted with them.

Instead of blaming the two football teams called the Democrats and Republicans, blame it on human greed.

Peace,
Ed

Complex financial instruments come and go, but the hearts of men remain the same. Greed, vanity and hubris we always have with us, as well as a weakness for the soft sophisticated lie over the hard plain truth. About human nature, tradition – the accumulated wisdom of mankind – is never wrong. True conservatives – as opposed to those who confuse mammon-worship with moral and intellectual principle – know that a tolerable order can only exist when most people live by the moral laws articulated in time-worn banalities.

So, send the tumbrels into the streets to carry off the heads of sophisticates who believed that we had repealed the laws of economics and human nature by our cleverness. The Gods of the Copybook Headings demand propitiation. We shall offer them scapegoats and try to forget our own complicity in the coming catastrophe.

After all, these scoundrels did not elect themselves, nor was there an outcry heard in the land against Wall Street rapacity and recklessness when our 401(k)s were rising, and all but the lowliest plebeian was moving into his very own McMansion.

Along those lines, there’s one proverb that we will all become painfully acquainted with in the years to come: You reap what you sow.

realclearpolitics.com/articles/2008/09/and_it_was_written_our_blame.html

Hear, hear. And we are all equally to blame. Let’s get rid of credit and go back to the harmless days of putting items on layaway.

Got that right. Democrat or Republican? That’s a laugher. The blame lies in a lack of regulation and oversight in the credit market.

We older folk can remember the days when you actually had to apply for a credit card or a home mortgage. Now you just go shopping around for the best one. Once you needed a down payment and paid your closing costs out of pocket. Now everyone gets a little bonus when a mortgage is taken out or a credit card is issued. People are getting paid for how much debt they can leverage, not whether they can ever pay it off. When you can owe 2K on a credit card and the monthly bill is only $15.00, there’s something wrong.

Even the Feds can borrow as much money as they want. Who’s kidding who? The real problem is that the amount of debt can never be paid off, at least not unless inflation tremendously devalues currencies. And that may well happen.

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