Monday, September 22, 2008
You Really Need to Read This
If you are interested in exactly how the U.S. and world finds itself in the current economic mess you can't do better than reading this post over at DKos by Devilstower. It goes step by step into the process and will give you a clear understanding of how we have gotten where we are. It's ugly. It also reveals the sad reality that there probably isn't enough money in the entire world to undo the damage done. The value of the debt swaps through various vehicles exceeds the GDP of the entire world. This was a Ponzi scheme of epic proportions and may just be the undoing of us all and here we are getting ready to pump another $700 billion into toilet.