Sub-prime crisis unfolding & Stuff...

RE: the sub-prime crisis.
Hollow US Economy Revealed By Housing Bust - Madland on CNN

“According to CNN, Goldman Sachs research reveals 30% of mortgages nationwide, or 15,000,000 homes, are now worth less than the mortgages people are paying for them”.

A few DailyKos diaries worth reading:

• Feb 16, 2008: Bush Threw You Out of Your Home.


• Feb 17, 2008: The crisis is so bad the financial press turns bolshie.


• Feb 18, 2008: Financial Markets Are Getting Worse.


• Feb 18, 2008: Capitalism is DEAD-- GET OVER IT!!!


• Feb 20, 2008: Borrow - It's simply the patriotic thing to do (1929).


• Feb 22, 2008: Mortgage Bailout Closer, and what it means.


• Feb 22, 2008: Is your house under water?


• Feb 24, 2008: 2 housing crisis proposals Democrats should support.

The links and comments in the above mentioned diaries are very illuminating.

The diarist of: Capitalism is DEAD-- GET OVER IT!!! writes:

“The only thing capitalism is good for really is creating garbage. Seriously. I have observed that most of the things that we labor over is destined to go in the garbage. I have worked as a graphic designer for newspapers and magazines for 20 years, and it is interesting, all of my work ended up in the garbage. As it is for most Americans”.

The quote above is clearly illustrated in the informative video: The Story of Stuff: “…buying less may be the best option of all. Less pollution. Less Waste. Less time working to pay for the stuff. Sometimes, less really is more”.