Joan,
>>I hope I live long enough to see the finger pointing after this bubble.g><<
I suspect we will, but I am willing to bet that the finger will be pointing in all the wrong directions. Let's face it, there are so many aspects to this environment that are so clearly scam like that you really have to be challenged in some ways not to see it. Yet they only get discussed on a very limited basis and mostly in non-mainstream and foreign media outlets. Only after everyone including the dead people know about it does it make its way to CNBC, Businessweek, the Times, WSJ etc... (Gretchen at the Times is one exception and a few reporters at Barrons are another.)
I can't tell you how much of this is incompetence, how much is related to the political interests of newspapers, getting ratings etc.... But no matter what the ratio I can assure you that Wall St. will get off without almost any blame. In fact they will receive help from the global institutions that are in place if the bursting becomes a global event. If it gets really out of hand the taxpayer will get stuck with the bill and it if gets totally out of hand the Fed will print whatever amount it takes.
When they are discussing what went wrong they will blame it on everyone and everything except Wall St., the Fed, the media, the fiat monetary system, the government bailouts and misleading statistics etc...
They'll blame capitalism, markets, bears, shortsellers, and everything else that has nothing to do with with it.
Wayne |
