KunstlerCast #33: The Great Bailout 2008

KunstlerCast - Conversations: Converging Catastrophes of the 21st Century · Oct 2, 2008 · 23m

James Howard Kunstler comments on the Great Bailout of 2008 and how we got into the current financial crisis. As the U.S. manufacturing economy withered away, Americans sought to gain wealth by getting something from nothing through Ponzi scheme investment algorithms. By assuming liability of bad mortgages, Congress may be in position of attempting to prop up the value suburban houses. But Kunstler believes the housing values will continue to go down, no matter what happens. And the truth is that we shouldn't want that devaluation to stop because we need to reach a point where the median…