Thu, 2 October 2008
James Howard Kunstler comments on the Great Bailout of 2008 and how we got into the current financial crisis. As the U.S. manufacturing economy withered away, Americans sought to gain wealth by getting something from nothing through Ponzi scheme investment algorithms. By assuming liability of bad mortgages, Congress may be in position of attempting to prop up the value suburban houses. But Kunstler believes the housing values will continue to go down, no matter what happens. And the truth is that we shouldn't want that devaluation to stop because we need to reach a point where the median price of a house is equal to the median income of the average America. The true damage may yet to be seen. Kunstler also explains his meme that the GOP is the party that wrecked America.
( 11 MB | 24:00 mins.)