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Old 10-11-2008, 10:16 PM   #1
Ma'ake
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Join Date: Jan 2006
Location: SLC
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Default Excellent explanation of the roots of this crisis...

http://www.boston.com/bostonglobe/ed...asics_banking/

I'm not ignoring the trouble with pushing loans onto folks who really shouldn't own homes, but Kuttner nails the underlying explanation of how things got out of hand, how the house of cards came down. Our financial system "innovated" far too creatively & extravagantly, much of the time to avoid regulation. You know there is a problem when our mathematical wizards are employed on Wall Street while the Chinese use theirs in science.

Time for a back-to-basics system, with the political will to prohibit the creation of exotic - and, as we've seen, potentially unstable - financial instruments.

I know this is hard to understand for some of my conservative friends, but government is really not the root of all problems. There is such a thing as responsible & reasonable government, and we need it to temper the unbridled greed that powers our economic system.
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