{"id":2424,"date":"2008-09-22T05:34:06","date_gmt":"2008-09-22T10:34:06","guid":{"rendered":"http:\/\/1boringoldman.com\/?p=2424"},"modified":"2008-09-22T20:38:33","modified_gmt":"2008-09-23T01:38:33","slug":"the-virtual-economy","status":"publish","type":"post","link":"https:\/\/1boringoldman.com\/index.php\/2008\/09\/22\/the-virtual-economy\/","title":{"rendered":"the virtual economy…"},"content":{"rendered":"\n

A couple of weeks ago it seemed okay for me to say "I don’t know much about the economy," or so I thought. As things are playing out, it was anything but okay. Up until a few weeks ago, I knew that lending institutions had allowed people to buy property who had no money to pay for it – getting loans that had strange names and deferred payback schemes. So I knew enough to know what<\/em><\/strong><\/font> the problem was, but I didn’t know why<\/strong><\/em><\/font> they made those loans, or how<\/strong><\/em><\/font> they were allowed to make those loans.<\/p>\n

A couple of weeks ago it wasn’t so clear to me that when John McCain said "I don’t know much about the economy," he was leaving out his direct and indirect involvement in the sequence of event thats lead us to the door of financial collapse that stands before us now. If he doesn’t know much about the economy, what’s he doing hanging around with the "Keating Five?" Why is Phil Gramm his "Financial Advisor?" John McCain is chairman of the Commerce Committee, for God’s sake! <\/p>\n

So, as wrong as it was for me [and you] to say "I don’t know much about the economy," for John McCain to say it is cataclysmic. There are two "must read" posts on Daily Kos<\/strong><\/font> that will bring you somewhat up to speed on the broad outline of our financial maelstrom:<\/div>\n