Sunday, April 13, 2008

An economy built on lies

From start to finish, from top to bottom, the entire structure was based on lies. It began with this one: "I'm from the government, and I'm here to help you." This is the third most widely believed lie in history, right after this:

And the serpent said unto the woman, Ye shall not surely die: For God doth know that in the day ye eat thereof, then your eyes shall be opened, and ye shall be as gods, knowing good and evil.

And this:

Of course I will still respect you as a person in the morning.

The tissue of lies that held together the subprime market was believed by the best and the brightest. They were blind to what was coming. It has wiped out over $200 billion in assets.

We are assured that the worst is over. But who assures us of this? Salaried reporters in a dying field: newspapers and network TV.

The ill-informed tout the liars. We are assured that the liars know what went wrong and will not let it happen again.

Re-read the liars' law. That will give you some indication of how serious the liars were. They are no more serious today.

When they tell you the worst is over, batten down the hatches.
Full article.