by jamesboyce, Tue Feb 24, 2009 at 02:25:37 AM EST
The greatest asset bubble in world history was created through a combination of greed, cheap credit, ignorance and incompetence. As it was housing-based, it impacted every sector of our econonmy, from Wall Street to Main Street. Whereas middle class families used to share a car, cheap credit put three cars in the driveway, plus a Jet Ski and maybe a new pool in the backyard just for fun.
The companies that benefited most from the cheap credit and ignorance of Alan "The markets will police themselves" Greenspan are now the companies that are in the worst shape, floundering under the weight of debt, poor business practices and incompetence.