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I've been saying we needed a new "New Deal" for a while but I was speaking of expanding health care and retirement benefits for baby boomers. Regulation of financial markets was not the component I had hoped for......
Obama and Clinton might spend some time recalling McCain's connection to the S&L crisis.The idea that a Republican candidate would have any chance whatsoever is mind boggling.
IF every subprime loan that was in danger had been subsidized to stave off foreclosure would it have cost as much as the current approach is? Especially if you factor in falling home prices and the decimation of the home building market?
We (the US) have become a third world country. The weak dollar has reduced us to selling natural resources as our main export.
The financial system collapse, oil prices, the weak dollar, housing price deflation are all pretty serious but when you combine these things with the hole in the bucket that is the Iraq war you have a pretty serious shitstorm...........
