It has long been my feeling that the North American economy never actually paid for the tech bubble of the 90’s, that somehow the bubble just got inflated by cheap money and low interest rates, aided by the deregulation of the financial sector and the production of “banks”. Not banks, but “banks”. Sure, the markets crashed a bit, but it was more of a pause, a recovery. The speculators that built the paper profits on dreams of high-tech futures in the 90’s began to build even greater profits on the illusions, figments, in the financial sector. This was, of course made possible by a toxic combination of deregulation, cheap and easy credit, and greed.
For those of us that are not economists, there are thankfully a few people around the intertubal networks who can explain the complex issues of the day. One such person is billmon, who now blogs over at DailyKos. If you want a quick rundown on why the fiscal problem south of the border is so bad, so international, sit down and read this. It will make you weep, promises.
Those that still believe the free-market lottery that currently controls our lives is beneficial, need to just shut up now.