2009 is going to be a shit year. They all say it, we all know it. God help us all.
But trying to figure out what the hell happened and why is very difficult. The articles below are the best I’ve found, and to be frank, I still don’t quite get it.
Sounds like a bunch of supposed professionals who don’t really understand either, playing with other peoples’ money. Follow this with government deciding that these people can regulate themselves – leading to them behaving totally irresponsibly. They found ways of polishing a turd until it shined like gold and selling it on. Underneath the sheen, its still a turd. But someone has bought it thinking it’s gold. Sooner or later the shit is going to hit the fan. For some people it took a lot longer than expected (see the Portfolio piece) but for most of us it came out of the blue.
• Portfolio: The End
• Wikipedia: Short Selling
• Wikipedia: Credit Crunch
• The Guardian: Britain faces worst year since 1930s, warns IMF
• The Guardian: Global recession – where did all the money go?