Showing posts with label fiscal irresponsibility. Show all posts
Showing posts with label fiscal irresponsibility. Show all posts

April 22, 2007

Did Osama bin Laden cause the housing bubble (and housing crash)?

OK, this one ain't PC, but think through the chain of events and unintended consequences of 9/11:


* Osama bin Laden's crew takes down the World Trade Center - check

* Greenspan panics and stupidly takes nominal interest rates down to 1% - check

* Housing market goes nuts with free money pouring out of the banks - check

* Greenspan and Bernanke stupidly leave interest rates way too low for way too long - check

* Housing and mortgage fraud go nuts while unregulated REIC spins out of control - check

* Consumers go on a spending and debt binge the likes of which have never seen before - check

* Housing Ponzi Scheme (finally) ends with millions left holding the bag, millions to go unemployed and trillions of dollars of wealth to vanish - check

* Osama bin Laden laughing in a cave - ???