The Era of Living Dangerously

[Fuchs]

Our current woes were caused, more than any one thing, by the bundling of mortgages and governmental entities Fannie and Freddy were in the midst of that --

The root causes were macroeconomic and easily visible even in macroeconomic abstracts of monthly BEA reports for more than a decade.

Any single institution was merely a cog wheel in the whole.


edit: Blame your media. There are 24/7 "business" channels that didn't devote a single hour in a full decade to these obvious macroeconomic disaster-in-waiting.
Even today they don't appear to explain that the root causes still exist and the whole attention is focused at petty symptoms.


You simply cannot run a nation with -1% GDP net capital investment, +1% population growth, a trade balance deficit equalling a quarter of your goods production and expect it to run 'great'.