Among the other milestones of 2008 came word that 1 out of 100 adults in the USA was in prison; but as the year progressed, that seemed like hardly enough. Each week brought new evidence that there were still many miscreants who should be behind bars. On January 11, 2008, when one of the nation's biggest mortgage lenders - Countrywide Financial - went bust. On February 17, Britain's Northern Rock was nationalized. Still, America's rulers missed the calamity taking place right under their noses.
"I don't think we're headed to a recession," said George W. Bush. "I don't think I've seen any scenario where the American taxpayer needs to be stepping in with more taxpayer dollars," added Henry Paulson. Then, on March 11th, the Treasury Secretary went on to explain that the fallout from sub-prime mortgages was "largely contained."
But now, they tell us that they know how to fix the problems that they created. Meanwhile, we sit and observe and prepare for the inevitable downturn.
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