Wednesday, 25 February 2009

The bubbleholics

The greatest asset bubble in world history was created through a combination of greed, cheap credit, ignorance and incompetence. As it was housing-based, it impacted every sector of our economy, from Wall Street to Main Street. Whereas middle class families used to share a car, cheap credit put three cars in the driveway, plus a Jet Ski and maybe a new pool in the backyard just for fun.

James Boyce

Let's Stop Enabling The Bubbleholics.


AntiCitizenOne said...

and who (should) control the volume of credit in an economy?

HINT: It's not the banks.

Mark Wadsworth said...

Nope, it's a job for Land-Value-Tax-Man.

electro-kevin said...

Some people were actually paying for these jet skis and extra cars up front, you know.

Large numbers of people in Britain have been earning serious amounts of money. I expect that their success caused others to try to keep up, "Well I'll be damned if the electrician next door is driving a new Landcruiser while I potter around in my old Rover !" said the office administrator.

In truth sub-50k annual salary is pretty mediocre really and the biggest Nu Lab lie has been the rate of real inflation. A lot of people who took on debt weren't being particularly greedy - they were just trying to maintain their traditional social status.

dearieme said...

I can assure that here at Dearieme Towers there's no pool in our garden, nor do we have multiple cars. The lake leaves no room for a pool, and the servants' cars no space for us to park a second Rolls.

dearieme said...

On the other hand, dear Mr Jetski has proved a most reliable handyman.

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