Let it be known that I was one of the many fringe, left-wing nuts to actually get it right this year. No, I'm not talking about the privatization of the Wheat Board's barley division being declared illegal by the Supreme Court...no.
Instead I'm talking about that pesky sub-prime crisis that I won't shut up about. My article which was finished months ago, has been languishing on the desktop of the editor of the Dominion for a while now, so I might try to squeeze it into the "Debt issue" of Briarpatch Magazine. That said, here are some of the final events on the sub-prime fiasco for 2007:
-Chan Akya, gives a rather sombre summary of the sub-prime meltdown in 2007 and all the issues that he's brought up this year in relation to it.
-The Guardian is reporting that banks are going to have a really rough year in 2008 because of all that debt they were owed which will never be paid back. "Rumours were circulating in New York and London on Friday that western banks face intense pain in the new year, with bad-debt provisions set to soar from $59bn to more than $250bn."
-They also have an opinion piece by Ruth Sunderland who is arguing that the last 10 years of economic growth have been based off of a shady financial system which is about to implode. (Bonus! Northern Rock, the bank which had an actual classic run on it, may be nationalized!)
-And of course (Gwalgen called it first) Canada is going to be in for a rough ride thanks in no small part to the US meltdown.
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