credit crunch
Roubini: Too little too late! Level 3 assets Big Money Bomb!
Everybody is holding cash and unwilling to lend in case they end up holding toxic waste. Recession is going to be in full swing next year, and the credit crunch is going to get worse.
Meanwhile, in Victoria, where "economists" like jmk know more about economics than Shiller, Schiff or Roubini, everything is rosy and prices are projected to continue their swift upswing another 10% next year.
Gee, sounds like things are getting better just in time for Christmas!
Hmm, maybe I'll replay that video from Roubini just to make sure....
Sky Report on Housing and Credit Crunch
Housing and the British economy - interlinked.
Stiglitz: The subprime problem just beginning!
Subprime is only one part of the problem leading to recession , but it is just beginning, and it is a social problem as well as an economic problem. The credit system is at the heart of the economy, which is going to cause the entire economy to slow down.
Not only that, but banks have holes in their balance sheets, and don't know how secure they are.
Interestingly, he points out the best bang for the buck for a stimulus package would simply be to increase employment insurance.
The other major damage is going to be to local and state tax rolls as property values fall.
The idea of encouraging more spending versus more savings is probably the wrong approach.
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