Emperor’s New Clothes
However, in my opinion there are four systemic issues involved behind this crisis. (i) The entire financial risk analysis was mainly based on an unrealistic assumption that property prices will not fall drastically, rather it would continue to rise. (ii) Too much greed and unrealistic expectations of higher return from mortgage-based loan. (via Managing global financial crisis- Comments & Analysis-Opinion-The Economic Times).
Running and hiding …
Is it a wonder that the world is rowing through a financial crisis. The author of the above post, from India’s premier business newspaper, Economic Times, Subhasish Roy, is deputy general manager, Risk, IDBI Bank. Here is someone who knows clearly what has happened – but is unwilling to point out the truth.
For the truth shall set you free …
The current crisis happened for one simple reason – the US printed too much money, during Alan Greenspan’s tenure – and later Ben Bernanke started hiding these figures. That is all.
The US is bankrupt. Effete, decadent and declining. Finito. Completo. Terminato. Endlich. Eindig. ändlig.
The Emperor has no clothes at all.