Housing bubbles

The failures that have occurred are partly the fault of those responsible for teaching history. Housing bubbles collapse with disastrous results often, this has been happening for a very long time. It happened in Southern California in 1990, I was there.

The current crisis is the most massive that has ever occurred but it is a well worn and familiar pattern to anyone who takes the trouble to read the history of land speculation and speculative bubbles in general. No one person or group of people engineered the crisis. Certainly many saw it occurring and allowed it to happen but most who were benefiting did not realize they were climbing out on a very dangerous limb.

Executives in the failed firms who made many millions over the past several years have strong ties to both political parties and will get away with their crimes with the possible exception of an unlucky scapegoat or two. Indeed they will not even be villified and in some cases will be called upon to perform heroic deeds to save us from our "plight." Which they knowingly caused. Trying to blame one person, party, or group is futile because so many were involved.

The accounting structures used to hide toxic assets before this crisis were very similar to those used in the Enron scandal so if you need to spill someone's blood (a metaphor) over this I suggest following the money. Where did it go?

If any crime in recent history deserves harsh punishment destroying the world economy should qualify.