By brett[dot]arends[at]wsj[dot]com (Brett Arends), MarketWatch
BOSTON (MarketWatch) — The last financial crisis isn’t over, but we might as well start getting ready for the next one.
Sorry to be gloomy, but there it is.
Why? Here are 10 reasons.
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1. We are learning the wrong lessons from the last one. Was the housing bubble really caused by Fannie Mae, Freddie Mac, the Community Reinvestment Act, Barney Frank, Bill Clinton, “liberals” and so on? That’s what a growing army of people now claim. There’s just one problem. If so, then how come there was a gigantic housing bubble in Spain as well? Did Barney Frank cause that too (and while in the minority in Congress, no less!)? If so, how? And what about the giant housing bubbles in Ireland, the U.K., and Australia? All Barney Frank? And the ones across Eastern Europe, and elsewhere? I’d laugh, but tens of millions are being suckered into this piece of spin, which is being pushed in order to provide cover so the real culprits can get away. And it’s working.
2. No one has been punished. Executives like Dick Fuld at Lehman Brothers and Angelo Mozilo at Countrywide , along with many others, cashed out hundreds of millions of dollars before the ship crashed into the rocks. Predatory lenders and crooked mortgage lenders walked away with millions in ill-gotten gains. But they aren’t in jail. They aren’t even under criminal prosecution. They got away, scot free. As a general rule, the worse you behaved from 2000 to 2008, the better you’ve been treated. And so the next crowd will do it again. Guaranteed.
READ MORE -> https://www.marketwatch.com/story/the-next-worse-financial-crisis-2011-07-06
lol, well, for number one, Barney Frank didn't cause the other housing bubbles. That was due to their own dumb politicians following our example, and playing the infinite free money game.
And on number 7, he is correct that Obama is just like the last few douches that have been in office, but that doesn't mean that he isn't a socialist/communist/facist. The others were too.
Other than that, I agree.
20 Warning Signs Of A Global Doomsday
Complete story from Bloomberg
According to Oxford Analytica, there are fifteen ”Global Stress Points” ranging from medium to extreme high impact to the entire world. These are listed below ranked by its potential impact by Oxford (See Graph). Around 60% of the “stress points” are related to geopolitics, war or unrest, while only about five events could be classified as financial crises.