Paulson’s Blow Torch

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"We are entering a new phase in human history -- one in which fewer and fewer workers will be needed to produce the goods and services for the global population."-- Jeremy Rifkin, economist

What does this plan do to a recently declared solvent lenders? Why, of course, it causes yet more toxic debt! Is there any other outcome that could be expected? Back to the basics, the lenders are now handling toxic foreclosures once again for those who did get new mortgages. And they are running into trouble again, because there is no new mortgages; thus a lender's freeze.

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Posted on Sep 21, 2008 at 14:14

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