Economic crisis still looms as winter looms nearby

This is the quote of the week at Mortgage Blues: “”People have been celebrating that we’re through the financial crisis, but the underlying issues are all still there,” said Dean Baker, co-director of the Center for Economic and Policy Research. “We’ve lost trillions of dollars in housing wealth, and consumption’s going to be weak. It’s …

TIME Diagnosis of Patient Zero is Flawed

According to a TIME 24/7 article this morning, “Someone who took out a subprime loan in 2003 is the “patient zero” who began the great recession.” A single borrower set off the series of events that may lead the economy into its greatest downturn since The Great Depression? Blaming the financial meltdown on one borrower …

Brad Meltzer and The Millionaires – when our money is not real

Here is some food for thought during the current financial crisis. When I read the book “The Millionaires” I realized that I used some of the same words in previous blog articles and off-the-record discussions: “..grab Duckworth’s program and sell it to the highest bidder. Let a terrorist organization get ahold of it. Even worse, …