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KunstlerCast #33: The Great Bailout 2008

The Ponzi Algorithms that Got us Here

Released: Oct. 2, 2008.

James Howard Kunstler comments on the Great Bailout of 2008 and how we got into the current financial crisis. As the U.S. manufacturing economy withered away, Americans sought to gain wealth by getting something from nothing through Ponzi scheme investment algorithms. By assuming liability of bad mortgages, Congress may be in position of attempting to prop up the value suburban houses. But Kunstler believes the housing values will continue to go down, no matter what happens. And the truth is that we shouldn’t want that devaluation to stop because we need to reach a point where the median price of a house is equal to the median income of the average America. The true damage may yet to be seen. Kunstler also explains his meme that the GOP is the party that wrecked America.

Direct Download:
KunstlerCast_33.mp3
( 11 MB | 23:00 mins.)

Promo music featured in this episode courtesy of iodaPromonet:

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“Freibad” (mp3)
from “Ferndorf”
(Fat Cat Records)

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About James Howard Kunstler

View all posts by James Howard Kunstler
James Howard Kunstler is the author of many books including (non-fiction) The Geography of Nowhere, The City in Mind: Notes on the Urban Condition, Home from Nowhere, The Long Emergency and the four-book series of World Made By Hand novels, set in a post economic crash American future. His most recent book is Living in the Long Emergency; Global Crisis, the Failure of the Futurists, and the Early Adapters Who Are Showing Us the Way Forward. Jim lives on a homestead in Washington County, New. York, where he tends his garden and communes with his chickens.

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