Solid and easy-to-understand explanation. http://docs.google.com/TeamPresent?docid=ddp4zq7n_0cdjsr4fn&skipauth=true&pli=1
If Bush were FDR, he'd tell the world that there's nothing to fear but fear itself and the self-prophesising belief that house prices will continue to rise would continue. (And, I'd never be able to afford a house in London or any other half decent location in the UK.)
The way free market capitalism can end up valuing assets/services is plain ridiculous.
Fortunately for the world that bought repackaged bad debt from American investment banks (which bought the debt from commercial banks which had given the loans through mortgage brokers to people who were buying houses who shouldn't have been loaned the money but were loaned the money because the belief was that loaning money to whoever was buying a house wasn't a bad idea because house prices always went up), Obama sells the American people 'hope'. And he's a great salesman. Economic conservatives should take note that Obama could be the saviour of their free-market, cowboy economy.