Civilization is a stream with banks. The stream is sometimes filled with blood from people killing, stealing, shouting and doing the things historians usually record, while on the banks, unnoticed, people build homes, make love, raise children, sing songs.
- Will Durant
More like this
One of the infuriating things about the collapse of Big Shitpile is that there hasn't seemed to be much you or I can do about it (and that wanker Bernanke is useless). Until now.
I already have two articles for my issue of Tangl
the financial crisis spreads to Iceland
the financial markets are in turmoil outside the US also
mortgage companies, investment banks and insurance groups are collapsing in the UK, Belgium and Germany as well as the US, with the trouble likely to spread further
So can the banks. A key impediments to economic recovery is underwater mortgages: people repay housing loans for more than the underlying property is worth. Many Dirty Fucking Hippies sane people have recommended that banks be forced to 'cramdown' these mortgages*.