It’s sure looking like a Depression to me. No jobs, foreclosures, banks failing. The wall street greed is a big paet of this, just as it was in the 1920s.
Yeah, when I say that, I get folks giving me that statistically it isn’t even a recession. But I think it is just taking a while for it to catch up.
It is not just Wall Street greed. It is the greed of the average Joe. The Joe’s that do not pay their mortgage or credit card bills. The ones who allow foreclosure proceedings to begin on their homes then stay there for up to 6 months without paying a dime. I even know a guy who is renting his home in foreclosure and pocketing the money. I know some who have stripped almost everything of value out of the house a week before they lose possession. I mean cabinets, fixtures, carpet, water heaters, etc...
In my opinion, these folks are at least as bad as the Wall Street types.
Put it this way, America has survived the greed of Wall Street for many years. The greed and lack of responsibility by the common man is what in this instance though is what is bringing the country to its knees.
> The wall street greed is a big paet of this, just as it was in the 1920s.
As well is the virtually unlimited leveraging.
The problem is that the market is being propped up with toxic paper. Things can't get better until the valuations on the toxic paper adjusted to reality, thus making it no longer toxic. The only way I can see that happening is to bring the market. Sounds bad, but not nearly as bad as trying to prop up a market flooded with toxic paper. IMHO, The crash is inevitable, necessary, and not to be feared
Corporate 'greed' didn't cause the Great Depression. Sam Insull went broke paying policeman and teacher salaries; A. P. Giannini loaned phenomenal amounts of money to rebuild San Francisco; virtually all the banks carried and carried farmers and homeowners long after they should have dumped them. Most of the "fat cats" on Wall Street poured their entire fortunes into the market trying to keep it up so it wouldn't collapse.