Tuesday, September 23, 2008

The economy

I read this great Wall Street Journal opinion article today and thought I should share it with you. It puts the current financial "crisis" into understandable terms, explaining how and why we're in this mess. The only thing missing from the article, I think, is an explanation of how consumers allowed themselves to be talked into borrowing more than they could afford. Some of the blame for the current situation has to rest with the government (or at least certain groups within the government), but some also has to rest with consumers who, against common sense, took out mortgages that they can no longer afford. Unfortunately, the author doesn't touch on that at all.

1 comment:

Hillary Dickman said...

Every time someone leaves a comment on my blog, I get an email alert with the comment in it. Well, I just got an email with a brilliant comment about this post from my husband, Scott. So, then I was coming to the post to leave a reply comment on how happy I am to have such a smart husband...unfortunately, I got here and didn't find his comment. Instead, I found it under the post below entitled "random photos." Hmmm...my genius husband left a great comment, but he left it on the wrong post. I hope that doesn't damage his credibility. Anyway, go check out his comment on the post below.