Economic Misunderstandings

Taras

I'm Not Hating, I'm Just Sayin'
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A fellow was kind enough yesterday to sort out some misunderstandings which I felt it appropriate to relay:

1. There is/was no housing bubble brought about by irresponsible Federal Reserve policy and mortgage brokers handing out half a mil to any mouthbreather that knows how to sign their own name.

2. The aforementioned debt was not repackaged and stamped "AAA" (the highest grade of investments) by investment firms and oversight boards and sold to trusting foreigners with funny accents who may or may not reek of garlic.

3. Paper markets in derivatives are not currently totaling over $500 trillion, or around 50 times the global GDP, which is the total production of every man, woman and child in the world. http://en.wikipedia.org/wiki/Derivative_(finance)

4. The US is not being bankrupted by wars, defecit spending, tributary interest payments to the Federal Reserve and outsourcing manufacturing to China with which no developed nations can compete because things like environmental and worker protections are actually addressed.

5. The world markets didn't actually fall the past few days, and if they did it was simply because they were waiting for the US to lower rates which as we all know is the key to prosperity.

6. Taking out the largest credit lines and credit cards is a good idea, because if a nation can borrow it's way to prosperity, so can you.

7. Coldplay doesn't suck.

8. Tiger Woods 2009 should contain some groundbreaking improvements in console golf which will reach 90% market penetration.

These statements have not been evaulated by the Food and Drug Administration. Consume at your own risk.
 

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