Don't buy the line that free markets have failed or that bankers [especially Alan Greenspan] were incompetent. Those who understood markets best and those who managed to climb the greasy pole to the top level of the financial world have exploited the opportunity to enrich themselves to an unbelievable level.
The failure has been political and those people [most of us] that are going to be most affected have only ourselves to blame. We let it all happen. Remember the CBA ad campaign of 2003 - 'equity mate'. That was swallowed and acted on by the general populace hook line and sinker.
Just remember the mania of the last real estate boom. Everyone was a mogul. Hundred grand here and hundred grand there. So and so has done very well for themselves, thank you very much. Costello was treasurer of the century; - well that's not so hard when money is free.
People are only now becoming a little concerned. The crime scene is years old cold. Maybe widespread anger in 12 months time. Meanwhile the people who benefited have had the funds for years - the CEO's and politicians who facilitated the scam have retired.
I pray we don't have a re-run of history - 10 years of well meaning social democrats failing to save the day and then the hard men and the wars.
Talk about the perfect crime. The victims don't even know they've been robbed.
