October 3, 2008

I Guess We Can Walk

Some things are accidents.  This was not.  This, in my opinion, was greed, stupidity, lack of financial leadership and political leadership, in both political parties, and faulty economic reasoning, all rolled into one.  But not an accident.

Do I mean that someone intended this to happen.  No.  But 2 + 2 is always going to equal 4, by definition.  To constantly reduce interest rates to keep the economy "stimulated" or "growing" or "on track" is inevitably going to shove the money into riskier and riskier investments.  It goes downhill, right?  And Wall Street has lots of experience creating greed-backed investment vehicles, right?  Like junk bonds.

I guess we can walk, now that there will be no free bicycles. 


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