The next, worse financial crisis - By Brett Arends
The last financial crisis isn’t over, but we might as well start getting ready for the next one.
Sorry to be gloomy, but there it is.
Why? Here are 10 reasons.
1. We are learning the wrong lessons from the last one. Was the housing bubble really caused by Fannie Mae, Freddie Mac, the Community Reinvestment Act, Barney Frank, Bill Clinton, “liberals” and so on? That’s what a growing army of people now claim. There’s just one problem. If so, then how come there was a gigantic housing bubble in Spain as well? Did Barney Frank cause that, too (and while in the minority in Congress, no less!)? If so, how? And what about the giant housing bubbles in Ireland, the U.K. and Australia? All Barney Frank? And the ones across Eastern Europe, and elsewhere? I’d laugh, but tens of millions are being suckered into this piece of spin, which is being pushed in order to provide cover so the real culprits can get away. And it’s working.
- The End Of Australia’s $2 Trillion Housing Party - By Philip Soos
Found via the Corner of Berkshire & Fairfax. Executive Summary A great deal of debate has occurred in Australia on the notion that the residential property market may be experiencing a bubble, set to burst in a similar fashion to that in the United...
- Finance News Network Interviews Steve Keen
Lelde Smits: Hello, I’m Lelde Smits for the Finance News Network. Joining me today to cast some light on the global debt situation is Associate Professor of Economics and Finance, Steve Keen. Steve, welcome back to FNN. Now debt has been in the headlines...
- Why Some Housing Bubbles Remain - By Edward Chancellor
Housing bubbles appear pretty similar on the way up. Yet the aftermaths of recent real estate booms in the US, UK, Spain and Australia have been extremely varied. US home prices took a real hammering. The formerly hot housing markets of the UK and Spain,...
- Australian Housing Market 'a Time Bomb'
Thanks to Dah Hui Lau for passing this along. THE Australian and British housing markets are the last two bubbles left in the wake of the financial crisis, and it is only a matter of time before they crash, warns legendary US investor and co-founder of...
- September 2003 Statement From Ron Paul On The Gses And The Housing Market
I saw this statement mentioned on TV and thought it was worth posting. The connection between the GSEs and the government helps isolate the GSE management from market discipline. This isolation from market discipline is the root cause of the recent reports...