Determining who is responsible for the most frightening financial meltdown since the Great Depression requires some clarification of the facts. The first is this: blaming America’s housing collapse for the crisis is simplistic and deceptive. The Economist reports that by 2006 the total value of sub-prime mortgages amounted to $600-billion. That total had probably increased…
I am busy scribbling away at the nefarious second installment of the diabolical trilogy on the credit crunch. It’s the one about who is to blame and should be a big hit, what with us being bloggers and readers of blogs. Blaming for us is like blaring for a chairman when an impertinent shareholder dares…
Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one. — Charles Mackay in Extraordinary Popular Delusions and the Madness of Crowds Men go crazy in congregations, they only get better one by one —…
