All governments are bound to make the same mistakes - interfere with the market by plugging the dyke with one finger, and multiple cracks appears somewhere else. If our markets were truly free, we might not have this problem. Instead, we have a central bank that manipulates interest rates to cause the booms and then is unable to deal with the bust once all of the bonuses have been paid to their puppet masters. We have governments that think that by doing the same thing that got us into the problem in the first place, they can delay the problem until their term is up. Finally we have society, intoxicated by greed, become so apathetic as to let them. People should be going to jail for this fraud. It is Enron on a global scale and the governments knew about it yet failed to act appropriately. Now no one can discern a good investment decision from a Ponzi scheme and all investors now suffer as the noose of credit contraction tightly grips us all. Our leadership is simply Shameful.
People argue that we won't have another great depression because we will have better leadership that will know the right thing to do to outsmart the market. I present to you:
-Hank Paulson
-Ben Bernanke
-George W Bush
-Kevin Rudd
-Wayne Swan
-Glenn Stevens
-John McCain
-Sarah Palin
-Gordon Brown
I don't think I have ever seen such a star studded line up of completely incompetent fools. Good luck all - with leadership like this we are going to need it!
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