I’m not an economist. I’ve never studied economics, beyond reading The Complete Idiot’s Guide to Economics about a year ago. I’ve read about derivatives, and had my mind blown by the concept of securitization and the idea that people not only sell debt, but chop it up into little pieces, mix those pieces up, and then resell them to other people. (And, wait a minute, debt has value?)
And, all with no regulation or oversight?
Now, after following economic news this past year, it’s like somebody pulled back the curtain and revealed the economy as little more than floating game of craps. And I find myself thinking, “You gotta be kidding me, right? This can’t really be the economy. Can it? We gotta have something else, because you know what this sounds like to me?”