Excessive credit / debt is being wiped out. Too bad Greenspan extended the bubble, making the correction even harder. But like he said, he did not know there was a bubble, and really, what he meant that he did not know what he was doing. Ben is the same. Problem is that these guys tend to make a bigger mess of it.....kicking the can down the road, and not dealing with the problem.
Think the UK and Europe got the message, more debt does not solve excessive debt problem.
People do not learn very well from History. Credit can only run for 50-60 years before, the debt load forces a correction. Central planning or control can not fix the debt problem. Individuals can and they will.
With the US trapped in depression, this really is starting to feel like 1932 - Telegraph
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