Some very very smart people are very very worried, and they should be.
Too many people that should have known better did not do their jobs.
Tax codes, regulations, lack of regulations, social engineering, a disproportionate and insane investment in residential real estate, a war we never needed, a prescription medicare program paid for by borrowing from the Chinese. Buying with borrowed money and leveraging our homes all as if it would all never end.
The Republicans now are piously seeing too much government spending. What did I miss over the last eight years?
_________________News Corp.’s Murdoch Says No Hiding From Credit Woes
By Christine Harper and Kristen Schweizer
Jan. 28 (Bloomberg) --
News Corp. Chairman Rupert Murdoch said there’s no hiding from the worsening global economic crisis, and stressed the need for quick and “drastic action” to turn the tide.
People worldwide are “depressed and traumatized” to see their life savings, including homes and pension funds, disappearing, Murdoch said at a press briefing in Davos, Switzerland, today.
“It would be very foolish if we said here we are, we had a crisis, and how do we get out of it quickly,” he said. “The crisis is getting worse. When you get to the real economy, values are still going down.”
New York-based media company News Corp. in November reduced its fiscal 2009 profit forecast because of reduced ad sales at its newspapers and Fox television.
“You have world financial markets, it doesn’t really matter where you’re talking about in the world,” Murdoch said. “There’s no hiding place, the world financial markets are in a great state of disarray.”