A new 46-minute film was uploaded to YouTube a few days ago. I do not remember seeing (or reading) a better overview of our current and future financial crisis than this one. Overdose: The Next Financial Crisis from Journeyman Pictures is the real deal, a piece of journalism that, while not looking for somebody to blame, isn't pulling any punches either. Essentially what our leaders have done in recent years is to boost our economy through stimuus spending and lower interest rates. While the film doesn't question that those tricks worked in the past, it makes it clear that we're now at a point where rates cannot go any lower and stimulus spending and bailouts have put us under a great burden of debt.
Both Democrats and Republicans have historically encouraged more home ownership. The creation of a financial environment where it was too easy for Americans to own a home ultimately led to the subprime mortgage crisis. (Remember the collapse of both Fannie Mae and Freddie Mac?)
President Obama's "Cash for Clunkers" program is one example of an economic stimulus that was not (in my opinion) worth the debt our nation went into to fund it.
No comments:
Post a Comment