I feel like I'm outside my body observing the goings-on in the U.S. financial communities.
Everything boils down to one thing: Housing.
Pundits believe that prices are plummeting too quickly and that's the cause.
I believe the prices were artificially driven up (who the hell can afford a $300,000 house with an annual income of $45,000???)
I well remember brokers invading my condo building ten years ago and trying to get everyone to sell, sell, sell because "we" could make a bucket of money (meaning"they" would do well, too!!) I went to a few "open houses" in this building and each time there was someone on hand approving ON THE SPOT the loan for anyone interested in buying. Each and every one of those sales defaulted, naturally.
I thought then that it was insane.
Turns out I was correct.