Posts Tagged ‘depression’
From 2007 through 2009 Mortgage Blues reported on the subprime crisis. Daily articles highlighted a nation in turmoil as financial greed and abuse rocked the country.
The United States has had as much of Phil Gramm as we can stand. While Americans expect almost everyone to be on somebody’s payroll, we are now at a point where we wonder about two main subjects: “Who was paying Phil Gramm for stupidity?”, and “Where am I going to be working next week?”
According to a TIME 24/7 article this morning, “Someone who took out a subprime loan in 2003 is the “patient zero” who began the great recession.” A single borrower set off the series of events that may lead the economy into its greatest downturn since The Great Depression? Blaming the financial meltdown on one borrower is probably the most ridiculous thing I have read since mortgage lending hit the skids. I have a novel idea, “Why don’t we call the mortgage lender or the underwriter “Zero”?
Here is some food for thought during the current financial crisis. When I read the book “The Millionaires” I realized that I used some of the same words in previous blog articles and off-the-record discussions:
The Dow Jones industrial average plummeted during President George W. Bush’s time in office, in a way not seen since Herbert Hoover’s term during the Great Depression. That makes Bush the first president since Richard Nixon to preside over a declining Dow. In percentage terms, Bush’s 21.8 percent Dow drop is the worst showing since an 83.2 percent decline under President Herbert Hoover, whose term included the 1929 stock-market crash.