Unambiguously and without doubt, it was caused by the people who taught and believed the nonsense of an actual “invisible hand” that magically ensured that “the free market coordinates the behavior of self-seeking individuals to the benefit of all” (and all variations to that affect). It most certainly was “ideology”, as John Cassidy says, but it was never anything that Adam Smith asserted, despite hose who used his name as a sort of holy authority for claiming that the “ideology” was worthy of the attention given to it since the 1950s.
Monday, October 5, 2009
The cause of the credit crunch?
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The credit crunch is going to be hard for many people. Along with increasing prices there is also the possibility of losing your job and not being able to pay utility bills or a mortgage. In these times of financial hardship and general monetary belt tightening, many people look around to find sources of extra income. Reduce your costs and raise your income - this is the simple sounding answer to the credit crunch problem.
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