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Friday, July 27, 2007

That popping sound you hear is the bubble bursting 

French banker Jerome Guillet at Daily Kos describes the slow motion economic train wreck which is occurring in the US financial markets now. He concludes:
As the bubble unwinds (or pops), it is essential to make it clear that it should not be workers, or taxpayers, that end up paying for the recklessness of the financiers, and that those that gorged on the good times should bear the pain of the new, leaner times . . . The focus on financial profits over industrial ones, unable to provide the same instant returns, has skewed the economy ever more towards financial services rather than other "real" activities (except the finance fuelled construction sector). That may not prove to have been the most sustainable policy.
Altogether, the politics of individual greed over those of a collective future need to be blamed.

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