2009-05-19 — blogspot.com
That final wave of consumer recklessness created the exact conditions required for its own destruction. The housing bubble orgy was the last hurrah. It is not coming back and there will be no bigger bubble to replace it. Consumers and banks have both been burnt, and attitudes have changed.
It took nearly 80 years for people to get as reckless as they did in 1929. 80 years! Few are still alive that went through the great depression. No one listened to them. That is the nature of the game. The odds of a significant bout of inflation now are about the same as they were in 1929. Next to none.
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tvsterling at 06:52 2009-05-20 said:
The lessons from this crash are hard earned & will be long remembered. One big lesson is that bankers are scum. How they ever got that touchy feely cachet I'll never tell (because I don't know). Despite their efforts to distance themselves from their crimes I think they will find themselves well regulated. Scum has to be kept in it's place. After all scum is part of nature, like germs, & is part of nature's plan. Politicians are still too willing to forgive & forget. Remember, the legislatures are composed of millionaires. The politicians lessons are still to be learned & will be especially painful (for them). Permalinkadd a comment | go to forum thread
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