Peterb- The question I think everybody needs to ask is not whose fault it was but why it was mandated by our political and financial system? The precision at which all mechanisms were greased to allow it to happen is staggering when you think about it. As Soros points out “episodes based on falsehoods” are created. Do we think these falsehoods created themselves? Is it just natural human delusion, irrational exuberance as “The Maestro” points out or possibly are those delusional tendencies stoked by people who know better for a purpose? If you answer ‘NO’ to the “Do we think these falsehoods create themselves”, you find yourself in the ranks of the babbling paranoid, which is where I dwell these days.
IMO, All you need to do is follow the money right to China along with Paulson’s 60 or so trips in the last year. Ironically, this is the guy who lobbied (behind the scenes) so hard to rid the banking industry of the pesky Glass-Segall act and who sold toxic investment vehicles to government pension funds for years. But we love coincidences and incompetence and hate conspiracies because conspiracies are ridiculous. Or maybe just coincidences and incompetence are “created falsehoods” as Soros puts it. If so, they need to be discredited.
