Sing Expat

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  • They Said Housing Prices Couldn't Fall. They Lied.
    Lots of people really, truly, honestly believed that the market was different and not because they are all idiots. Even smart and experienced people get sucked into these bubbles; there are strong psychological and biological factors at work. They drank the kool-aid and want more.

    We know we have created a monstrous generation of consumers. That is what America has become. Not the Bastion of Democracy. Not the Breadbasket of the World. Not the World's Manufacturer. And, finally, no longer the Global Leader in Finance. Heck, Americans no longer exist; they are now "the American Consumer".

    This would be tragic and derisable if it were not so dangerous. American now produces debt and consumes crap. We have gone from building cars to building equity in houses. Unfortunately, the bubble is so huge (trillions upon trillions of dollars, numbers which no one but astrophysicists can even begin to comprehend) that it's popping would probably spell the demise of the entire Western Financial system.

    So, we put a band-aid on the boo-boo, drop Fed funds by two to three percent, pump a few hundred billion into the economy and pray to God we can keep the thing gong until it's an SEP.

    SEP=somebody else's problem. Which means, we really hate our children.
    Jan 26 01:42 am |Rating: 0 0 |Link to Comment |View article

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