“Every election is a sort of advance auction of stolen goods,” wrote H.L. Mencken, an American journalist during the early part of the 20th century. Politics, like prostitution and other vices, hasn’t changed much. If anything, the two have become virtually indistinguishable.
Get ready for six weeks of politicians making promises they can’t possibly keep.
Did you like the original credit crunch? It was an action-packed drama filled with plot twists and suspense. Ultimately, our hero Ben Bernanke saves the world with an audacious double-barrelled interest rate cut to save America’s Empire of Debt from certain financial ruin.
Well, if you liked the original, you’re going to love the sequel. Some US$512 billion in adjustable rate subprime mortgage loans will reset in the first six months of 2008. If the first relatively modest wave of resets was enough to destabilise the global credit market, what do you think the next wave will do?
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