9/11 Collateral Damage Still Accumulating
Al Qaida (the ones who are still alive, that is) must be giggling in their caves this season.
I believe that much of the underpinnings of the economic and market meltdowns of 2008 are an followup result of actions taken in the aftermath of the 9/11 terrorist attacks and the ensuing recession - massive liquidity injected into the system gave plenty of ammunition for Fannie, Freddie, big banks, et. al. to start forcing money into the marketplace, which begat the packaged-and-sent-upstream loans, which begat the massive hedge funds leveraging fashion, which begat spiraled up commodities and housing prices, which ultimately begat the rocket that runs out of momentum on its way to the moon, slows, pauses, and then plummets.
There are going to be many many more victims than the 3,000-odd victims on the day of 9/11/2001 - the body pileup will be slower and less dramatic, but just as devastating.
I believe that much of the underpinnings of the economic and market meltdowns of 2008 are an followup result of actions taken in the aftermath of the 9/11 terrorist attacks and the ensuing recession - massive liquidity injected into the system gave plenty of ammunition for Fannie, Freddie, big banks, et. al. to start forcing money into the marketplace, which begat the packaged-and-sent-upstream loans, which begat the massive hedge funds leveraging fashion, which begat spiraled up commodities and housing prices, which ultimately begat the rocket that runs out of momentum on its way to the moon, slows, pauses, and then plummets.
There are going to be many many more victims than the 3,000-odd victims on the day of 9/11/2001 - the body pileup will be slower and less dramatic, but just as devastating.
posted by Lawrence 3X at 5:19 PM
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