The Asia Times Online often tells more of the truth than the mainstream media here in the USA. It is worth taking a gander at, once in a while.

Here is a snippet from one article:

The Wall Street bust

Quote
At this point, there is clearly insufficient credit expansion to support inflated asset markets....

We are today witnessing the acute stage of bursting credit bubble dynamics. It's an absolute debacle, and there's little our well-intentioned policymakers can do about it other than try to slow the collapse.

[SNIP]

The "Freidmanites" thought they understood the (post-crash) policy mistakes that led to the Great Depression. They believed the Roaring Twenties was the golden age of capitalism. The great bust could have been avoided with a simple ($5 billion or so) banking system recapitalization. As we are witnessing today, the issue is not some manageable amount of new "capital" to replenish banking system losses. Instead, the predicament is the massive and unmanageable amount of new credit necessary to, on the one hand, sustain a mal-adjusted bubble economy and, on the other, the trillions more required to accommodate a gigantic speculative de-leveraging. I have a very difficult time seeing a way out of this terrible mess.

I disagree with the "well-intentioned policymakers" bit, but you know those Asians: courteous to a fault.
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Last edited by numan; 10/07/08 04:21 PM.