Keynes' wisdom is not to be denied.

[Joe Chi Minh]

Below, is a link to an article in today's Observer by Will Hutton on our banking crisis in the UK, which is simply not being addressed, unlike in the US:

http://www.guardian.co.uk/commentisfree/2008/jun/22/marketturmoil.creditcrunch

[Demeter]

1. Excellent Article! Here's a Sample:

"Also, the US has only been able to avert disaster in its mortgage market via the guarantees offered by two huge public mortgage banks - Fannie Mae and Freddie Mac - which directly or indirectly have provided 80 per cent of all new US mortgages over the last six months. Together, they guarantee more than half of the US's £5 trillion of mortgage debt."


No mention made of the fact that Fannie and Freddy have one foot in the grave, and the other on a banana peel....

[Joe Chi Minh]

2. Very sad news, unless the Government realises that they can't allow

the imminent demise of the goose that lays the golden egg.

[yurbud]

3. Keynes has a hell of a lot better track record than Friedman, who was to economics what...

Pol Pot was to urban renewal.