> > Glad y'all got that figured out.
> >
> > The only difference I see is you *had* political pressure to keep
> deficit
> > spending to a minimum. We've had the opposite. Otherwise I see pretty
> much
> > the same problems manifesting.
> >
> > - Bob
> >
> >
> Oh! And the tiny little fact that it was YOUR economy that triggered
> this whole thing.
Well, what *triggered* it we don't actually know.
We know that it was primed by the collapse of the subprime mortgage lending
market in the US, which did owe its very existence (and toxicity) to bad
government policy ("community reinvestment act" and the related failure to
regulate GSEs Fannie and Freddie Mac it spawned, whose securities were at
the heart of bizarre international hedge funds that only Tim Geithner, who
doesn't know how to operate Turbo Tax, can explain).
But who actually started the run on US money market accounts on Sept 18,
2008, and extracted $550 billion from those accounts in a span of two hours,
triggering the panic and subsequent credit crunch, has not been determined,
for a shocking lack of curiosity.
Who did what to cause oil (which is now under $35/barrel) to skyrocket up to
$145/barrel at the same time as the banks were failing and right in the
middle of an election, we also do not know.
Neither anomaly has been investigated, let alone explained.
In any case, Geoff was lecturing me about how much smarter Australians are
and how immune they are to our problems because they have such fine
regulators down under. Apparently he hasn't been following the news.
- Bob
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