tag:blogger.com,1999:blog-15514376.post6505634877417277163..comments2023-09-02T05:55:35.942-05:00Comments on I Hate My Developer: DrumbeatsThe Woodlawn Wonderhttp://www.blogger.com/profile/10438857335793360301noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-15514376.post-69758280057386939852008-11-13T20:41:00.000-06:002008-11-13T20:41:00.000-06:00Our authorities saw this situation setting up in 2...Our authorities saw this situation setting up in 2003, 2004, 2005, but just kept on feeding the monster with lower interest rates, ever more government guaranteed loans, and evermore implied guarantees of bailouts when things should go awry.<BR/><BR/>By 2005 the situation to come was set in stone, for never in the history of the world did any country ever have a larger overhang of public and private debt than we did, as a percentage of GDP. In 2004, Paul Volcker, the conservative inflation hawk former FED chairman, issued dire warnings concerning the massive debt bubble and the unprecedented level of risk in the system, but no one listened. <BR/><BR/>The whole bloody country is in default and it's going to get worse before it gets better. The low-end home defaults are nothing next to the high-end. Prime is just now unwinding, and commercial is going to be explosive. <BR/><BR/>And throwing evermore taxpayer money is only going to make it worse, not better, for it only puts us in grave danger of a treasury default, the ultimate disaster. Thus far, government interventions, including secret loans to banks over and beyond the highly publicized interventions such as the housing rescue and financial rescue bills, bring the total tote to FIVE TRILLION DOLLARS. And we aren't done. <BR/><BR/>I'm only glad it started to unravel and to be revealed in its towering ugliness BEFORE the election and not after.Laura Louzaderhttps://www.blogger.com/profile/17252403723819181039noreply@blogger.com