[arrogantsob]

Credit bubbles like stock market bubbles and housing bubbles are unavoidable. Hell when speculation can even be in tulips anything is possible in a free society.

Honest societies? Are you under the impression that we used to have one?

[PerConPat]

Honest societies? Are you under the impression that we used to have one?

Hmmm...Interesting point...Do you believe that a predominantly honest society is possible? At any rate, when people are without the means to secure credit by other than socialist remedies for what they perceive to be the problems in their lives, e.g. a much too humble house etc., a Barney Frank will be only too helpful to arrange a corrupt loan. It's the chicken or the egg, again. I believe bubbles are avoidable if the majority of a society is honest. But, if one believes honest societies can't exist, then economic disaster is certainly on the way at all times.

I am not yet willing to believe that the current mess is the result of the ups and downs of a typical business cycle.