Thursday, May 22, 2008

Dear Working-Class America

....please take a look at your future. That is, unless you're willing to take your rage out on those who are responsible for your slide into poverty.

Tuesday, May 06, 2008

What happenss when banks have too much money?

In the last few years around where I live there has been a glut of new banks opening. Every available corner and shopping complex has one if not two banks located there - and most within five miles of their nearest branch. It's getting pretty ridiculous and every one I know has commented on their viral spread.

Then, as you may have heard, the mortgage crisis came. The real crisis was, from the perspective of those with truckloads of money to invest in real estate, was that there was more money available than there were loans to invest in. That's when the banks started underwriting some pretty sketchy loans to anyone fool enough to take one - and eventually the default of the same master plan.

You and I, as taxpayers, will bail them out undoubtedly.

Douglas Rushkoff, author and futurist, has written an interesting piece on his blog about this whole mess. Check out
WILLING DUPES: Douglas Rushkoff on the credit crisis
at Arthur Magazine.