Published Thursday, August 30, 2007 by William L. Anderson
From the housing bubble to the latest brief upward explosion in the stock market, writes William Anderson, we are now faced with the hard reality that there is no place for this huge wad of cash to go. It is not the case that we have a "liquidity problem" because there is no money to lend; we have a "liquidity problem" because the outlets for borrowed money have shrunk drastically.
It now seems that the authorities have learned nothing from the financial disasters of four decades ago: they are determined to make the rest of us repeat them.
(Original Text)
The Party is Over - Again (2.09 MB)