Some of us saw this coming. Those of us who saw “trickle-down economics” for what it was, a colossal scam designed to funnel money from the have-nots to the haves. Those of us who realized that the price of goods could not continue to skyrocket out of control without a corresponding spike in wages. Those of us who saw that the housing bubble was just that, a bubble, brought on by absurdly low interest rates and a borderline-criminal group of marketers convincing people that (1) rates will always be this low, (2) the market will always be hot, and (3) credit is just as good as hard money.
I am a former Objectivist turned into a borderline market socialist, and I guess it really is the converts who are the most vocally opposed to their former beliefs. I have been wondering for five or six years when the crash would hit, the one that would destroy the cult of deregulation and voodoo economics. I have to admit, I wasn’t expecting it to hit this soon, but I knew it was coming at some point. (Read more…)