SYSTEMIC FAILURE- NOT JUST GREED


	SYSTEMIC FAILURE- NOT JUST GREED

klippety

5-15-2009 4:47 PM

117 views

klippety says:

Greed is a human weakness, ever present, a new system of economics is needed, NOW

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/254f2c17-3efa-4c40-89bf-282fba46d51f/1E7CA20E-CCA1-4701-8F65-DF16AEA503E8/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/05/17/books/review/Rauch-t.html?_r=1&8bu&emc=bua2#" href="http://www.nytimes.com/2009/05/17/books/review/Rauch-t.html?_r=1&8bu&emc=bua2#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/17/books/review/Rauch-t.html?_r=1&8bu&emc=bua2#"><H1>
<NYT_HEADLINE type=" " version="1.0">
Capitalism’s Fault Lines
</NYT_HEADLINE>
</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/17/books/review/Rauch-t.html?_r=1&8bu&emc=bua2#">The Crash of ’08 happened because businesspeople and consumers did what markets and society expect them to do. Don’t blame capitalists or, for the most part, government. Blame capitalism.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/17/books/review/Rauch-t.html?_r=1&8bu&emc=bua2#">Cheap money and an inrush of foreign capital fueled a lending boom, which poured credit into the housing market. As prices went up, up, up, even risky mortgages seemed safe and everyone piled in, including banks. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/17/books/review/Rauch-t.html?_r=1&8bu&emc=bua2#">Financiers relied on securitization and complicated financial instruments to dilute the attendant risk, but the result was to spread that risk through the financial system, making it impossible to locate.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/17/books/review/Rauch-t.html?_r=1&8bu&emc=bua2#">When the housing bubble popped, everyone was holding bad debt, but no one was sure how bad or even how much</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/17/books/review/Rauch-t.html?_r=1&8bu&emc=bua2#">With banks suddenly looking undercapitalized, lenders stopped lending and started selling assets to raise cash. The faster everyone ran for the exits, the faster asset prices fell, dragging banks’ balance sheets down with them</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/1E7CA20E-CCA1-4701-8F65-DF16AEA503E8/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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