Likewise the housing and credit crises that took down Lehman Bros. and Merrill Lynch, and threatened AIG had already offed Bear Stearns, the Federal National Mortgage Association (FNMA, or "Fannie Mae") and the Federal Home Loan Mortgage Corporation (FHLMC, or, for some strange reason, "Freddie Mac"). No surprises here.
I think there can only be three reasons for ignoring the very marked warnings that have accompanied both of these catastrophes:
- You're not listening.
- You don't believe what you're hearing/seeing.
- You think you can beat the odds.
If you don't believe what you're hearing and seeing, you'd better start looking for more credible sources. Stop reading this blog (just temporarily) and pick up a newspaper ... yes, an actual printed newspaper (I somehow think print still carries a credibility cachet that's missing from Web media) ... preferably one that not owned by an entertainment conglomerate. Sure, there's usually a range of opinions about the severity of the credit crisis, but with the possible exception of John McCain, I don't think anyone has been denying that there are some serious economic issues in the U.S. right now.
And if you just think you can beat the odds, thank you. You're helping keep our state lotteries afloat.