Gaming the Economy
Created on: October 4th, 2008
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5 for trying. Everyone always understates the importance of 'obvious systemwide structural failure' which was readily apparent from the beginning and was quickly realized as soon as housing prices started dropping. Those bad mortages were good investments for the companies as long as the houses themselves increased in value. After all, the banks own the forclosed homes. However, when their investments started decreasing in value and the payments stopped, they lost money on both fronts. Panic.
yeah, well that's the whole problem with analysis of economics as political economy, as a complete system of social relations. In any political economy the government almost inevitably becomes the main tool for "capitalist" evil. Taking issue with just the government is too redneck though, I guess. Plus it doesn't give us the same level of permission to hate rich people.
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