Update, October 2: Wall Street Journal lists a chronology of links leading to current crisis
Links gathered from our blog & others about current financial crisis:
Jonathan: Healthy Banks to Congress ; Lex:Opposed economists & Bailouts Depressing historical parallel Blogs: Gary Becker , superman’s cape Visual histories: Fox , Weekly Standard, Mishu: The Mouth Peace; Old editorials: Paul Gigot A more humerous approach.
Update: Another Visual (via Instapundit) of 2004 hearings
If anyone wants to add useful discussions or believes some here are not useful (and know more than I do which is pretty much anyone who posts here), then put others in the comments & I can add them above; or give reasons for their lack of insight or skewing of history that informs us.
I may not know much, but whatever happens is likely to affect me big time: the most interesting years of my retirement aren’t that far off & we are dependent (as are a pretty good-sized percentage of boomers who are a pretty good-size percentage of our population) on retirement funds. If this is really 1928, I’ll be well into my seventies before we get out of such a depression. Besides my husband (for reasons known only to him) thinks Outer Mongolia should be an important retirement holiday.
I’m doing this because I need guidance. At a faculty brownbag on Friday, the history of mortgage rates from our youths to now was set out by one of the retired (ex-military) administrators. That was somewhat helpful, but his conclusion was that we should all e-mail our legislators to get them on the band wagon. He also argued the Republican House members merely wanted distance from Bush. I assume there is some truth in this, but some marketplace arguments seemed honest (though perhaps not useful). I asked him about that afterwards and the letter from the economists Jonathan put up. He clearly knew more than I did, but his analysis seems poiticized & he’s retired; also he kept quoting CNN and I’ve never found Lou Dobbs’ as useful an interpreter as I’d like. I suspect the speaker is scared: the room was full of gray heads. He’s retired and many of us are uncomfortably close. A kind of inchoate and vague anger and fear seemed to permeate the room. I would be glad to hear from those on this blog who agree or disagree with his argument; I’ve learned to like and respect your takes.