Well of course the argument is that if it hadn’t passed things would have been even worse. This is patently not true. At its first pass, when voted out, markets fell to the level they are at now. This was before there was any hope of the bill being resubmitted.
Well the issue is this – THE CREDIT CRUNCH IS A RESULT OF OVER LENDING TO PROPERTY BUYERS and now there are no more suckers wanting to buy property at these prices.
A property crash means loans are dud! Loans being dud means banks that lent and over-leveraged are screwed.
Coupled with consumer debt at record levels that menas recession. Recession inthe rich world means commodities down, oil down, inflation down and suffering across the board.
I ask Governments worldwide to recognise the boom and bust for what it is and support those that need their help most – the poor, the entrepreneurs and the workers.