The greatest asset bubble in world history was created through a combination of greed, cheap credit, ignorance and incompetence. As it was housing-based, it impacted every sector of our economy, from Wall Street to Main Street. Whereas middle class families used to share a car, cheap credit put three cars in the driveway, plus a Jet Ski and maybe a new pool in the backyard just for fun.
James Boyce
Let's Stop Enabling The Bubbleholics.
Wednesday, February 25, 2009
The bubbleholics
Labels:
UK,
UK banking,
UK economy,
UK house prices,
UK housing,
US economy,
US housing bubble
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