One Hundred Six: Financial Crisis - My Take

The "Financial Crisis of 2008" or "The Great Recession" or whatever you want to call the most recent natural economic reaction to excess leverage and excess consumption has now been over for at least one year. At the apex of the recession, we saw Warren Buffet purchase an entire national railroad (UP) and the federal government take over another major chunk of the economy (health care). The U.S. economy was able to digest a national pullback of maybe 30%- 40% of real estate equity. Sam Zell made out like a bandit on real estate, but unfortunately, for him, put his money in newspapers. More than 90% of homeowners continued to make timely mortgage payments on their homes and credit cards. The ten percent who didn't, were exposed for the deadbeats they are, and they are now supported by friends, families, and taxpayers. So, not much has changed.