Saturday, March 14, 2009

Why the meltdown should have surprised no one

If you want to know what happened and why, and what is likely coming then listen to Peter Schiff's speech from last night to the Austrian Scholars Conference. Note this is an audio only which I think actually makes it easier to listen to and is easier on bandwidth than video clips.


Anna said...

I'm only halfway through this, but I want to thank you for posting this.

Anonymous said...

This is the best explanation I have heard for what has happened. Everyone in the country should listen to it.

Mark said...

I've come to the conclusion that the only people who followed the financial world -- especially real estate -- who were surprised by this were self-delusional.

"We were making so much money for so long, who knew it could end so fast?

The reaction reminds me too much of people's reaction to the falling of the twin towers in New York. "It changed everything!"

I suppose that if you feel invulnerable, it did change everything. I've had the rug pulled out from under me too many times to feel invulnerable, though. Nothing is assured.