Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Unalakleet who wrote (111711)	5/18/2010 12:25:14 PM
From: Steve Lokness	3 Recommendations Read Replies (3) of 116555

Unalakeet; Wow! I think you have me mixed up with someone else. I don't believe in conspiracy theories and have ABSOLUTELY nothing in common with "rogue". I agree with Mish in that at the bottom of our mess is the easy money by the fed. But even with easy money if our country was led with a morality and a sense of right and wrong America wouldn't have found itself in the mess it did. Did the cause include the American people - well of course it did. and we are all responsible. Responsible for living beyond our means and responsible for electing the wrong people to lead us. So I'm in complete agreement with you - BUT that doesn't excuse those who turned the housing bubble into the derivatives bubble - which is really what brought the economic collapse to a head. You and Mish want to blame unions for this, but by all accounts the disparity between working peoples wages and those at the top have never been further apart. I'm not condoning union mischief for sure - but without a healthy middle class what will America become? Sure clean up the unions overreach where they occur - but don't denigrate the worker. We can't all be bankers and speculators. You want to blame Americans for being wild eyed and buying more of a house than they could afford - well yes, but people are stupid and lived the bubble expecting houses to rise forever. But SOME PEOPLE KNEW what was happening and they kept lending. They kept lending and pushing this crap out the door knowing full well it was going to cause a mess of an economic meltdown. If they had any kind of moral compass they wouldn't have done this and we wouldn't have had to shovel money into the hands and pocket books of bankers. Its not about a conspiracy - unless you think of envy of bankers for each other as a conspiracy.

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