jbd66
Although most of the analysis of the economic collapse of 2008 has focussed on the housing bubble and creative financial instruments these were syptoms not causes. The real estate loans and the financial instruments failed because they were undergirded with implicit assumption of never ending economic growth. What was missing from the analysis was the undeniable truth that global economic growth requires growth in the supply of crude petroleum. In mid 2008 the world output of petroluem reached 89 million barrels a day. When continued economic growth outstripped this supply there were dislocations in the global economy which pulled back the veneer on the irrationally exhuberant view the grow would go on forever causing the global 1%-ers to call their brokers en masse and sell thereby crashing the markets.
Yesterday eveing I attended a Health Care Town Hall with Representative David Price at NCCU in Durham. The event was attended by 850 people. Based on observations of people wearing stickers and holding signs, this audience was on the order of 90% in favor of President Obama's health insurance reform proposals.
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