Friday, September 28, 2007

The feeling's mutual: part 3

The global markets remain in turmoil and Alan Greenspan, former head of the US federal reserve, is OK with it. The reason: only rich people invested in these murky markets.
No matter that these murky markets were built on exploiting the poorest in society. As long as the already wealthy were putting their own money in, then it must obviously follow that everything's kosher. My arse it is. The rich get richer on the back of the poor, but that's fine as long as the wheels of economics keep turning. No matter that the entire principle of the sub-prime market was selling loans that the borrower had little to no chance of paying long-term. As long as the rich say it's OK, everyone's OK.
At least we know now.

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