The Credit Crunch

So we're all doomed. Its the end of the world....well it might just be the end of the world as we've come to know it. And that might not be such a bad thing.

Fear and greed - these are the twin fundamental drivers which have taken us to where we are now.
Everyone likes to blame the big banks and rightly so. But lets look a little more closely at the role of governments.
Personally, I have little time for listening to what politicians say because it matters much more what they actually do.
If George Bush wasnt such a figure of ridicule, perhaps people would be able to better scrutinise why he has been so disastrous. He is an irrelevance, a man who just shrugs his shoulders and can do nothing. He does not seem to understand the principle of managing a budget, which is unsurprising for someone who was a trust-fund spoilt rich boy, who woukld never have had the experience of managing his own money, only spending it.
Which is what he has done with the money of the American people...on an unprecedented scale. Spend spend spend. Borrow, borrow borrow. For what? For a couple of horrendously expensive and poisonously damaging wars in faraway countries which he does not understand.
And now, he plans to spend another $700bn to prop up some rotten banks. How exactly do they value all these toxic debts at $700bn? And how do we know there wont need to be even more governemnt bailouts down the line? Is this really well spent money? Every last dollar of it? No I dont think so either.