Re: [MLUG - DISCUSSION] why our economy is a mess

[Brent Deterding <EMAIL:PROTECTED>]

A financial whiz I am not - but I've done more reading than the  
average joe. What you say doesn't jive with my understanding of this  
recent crisis.

It is my understanding that greed and bad decisions are at the root  
cause of this current situation - and I don't think either party  
controls the greed on Wall St. or in the boardrooms of the investment  
houses or of the mortgage brokers. Some place blame at the feet of  
Alan Greenspan for allowing the market to make poor decisions for too  
long by leaving the interest rate low; that argument has some merit  
but Alan Greenspan served through several presidents; I do not think  
it is fair to tie him to one party or another.

This NY Times piece you linked is light on facts as references. I  
liked this: http://articles.moneycentral.msn.com/Investing/ 
CompanyFocus/WhosToBlameForTheMortgageMess.aspx

-- Brent

On Dec 3, 2007, at 5:30 PM, Mike Miller wrote:

> Explanation:
>
> http://www.nytimes.com/2007/12/03/opinion/03krugman.html
>
> Summary:  Neocon faith in the free market allowed "innovation to  
> get ahead of regulation."  In other words, ideology trumped logic  
> and we allowed our Republican leadership to do a little experiment  
> on us, kinda like the Iraq invasion.  Well, also like the Iraq  
> invasion, this experiment was a failure.  I hope we can at least  
> learn something from this!
>
> Mike
>
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