Nothing says “American Madness” quite like the current state of the housing market. It’s amazing how our collective denial has allowed us to watch almost the exact same situation replay itself over and over, and yet still convince ourselves that everything’s going to be fine.
When people speak of the housing bubble, the most frequent argument I hear is “well, this bubble can’t pop, because if there’s a correction in the market, people just won’t sell for a while.”
If everyone in the market simply owned their own home, there would be some truth to that, aside from those that sell out of fear once the market turns downward and those forced by circumstance to move.
Let’s leave the argument that once the market turns, so will the economy, meaning people won’t be able to pay those high mortgages, for another day.
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Online mania has swept over even the oldest of Old Media in the past few months. Maybe it’s because those that can’t adapt are seeing their profits drop through the floor, and finally realizing, “It’s the Internet, stupid.”
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Bayou group’s founders have just admitted they did it: they suckered investors out of perhaps $400 million in money invested with what they had called their “hedge fund.”
But there are far more suckers in the public who are going to think that Bayou Group really was a hedge fund.
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Why is the British press concerned with how the American press covers the Tom DeLay indictment? Is this news?
(see: http://news.bbc.co.uk/2/hi/americas/4293102.stm)
The BBC piece is more evidence of what one might call derivative journalism.
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Capsaicin, the “active ingredient,” to so speak, of Cayenne Peppers is powerful stuff. Eating it can cause you to break out in a sweat, screaming “whooo!” while your eyes water. Turned into a spray as mace, it can bring you to your knees. Formulated as a nasal spray it can… Clear your sinuses?
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The staff of American Madness would like to thank the 