Ok, the irony here is just too funny...
by...
Conrad Black?!
The apparent failure of the Obama administration’s first attempts to restore economic confidence gives us the opportunity to look at the whole crisis afresh.
The first thing we need to do, as we reassess the crisis, is realize the extent to which the country was horribly and unimaginably failed by its entire public- and private-sector leadership. The Clinton and George W. Bush administrations, and their Congresses, discouraged savings; legislated non-commercial mortgages in the private sector (a political free ride, as both parties boasted of increasing home ownership at no cost to the taxpayers); raised the ceiling on investment-bank debt leverage on unsecured assets to 30 to one; and acquiesced while consumers piled up debt that enriched Chinese exporters of cheap goods, European and Japanese exporters of luxury goods, and the oil-exporting cartel, including Venezuela and (indirectly) Iran.
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Go read the rest at National Review Online, if you can stop giggling long enough...
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