<P>Greetings!</P>
<P>For Lars: "political correctness" in my last posting means that certain policies put in under the Clinton administration, and later supported by the Democrats and then Republicans in the last decade, forced American banks to loan money in areas where they should not have, i.e. the so-called "sub-prime" mortgages.</P>
<P>I mentioned the "bubble mentality" created thereby in the real estate market, and a bubble is always the same as irrational greed. Uncle Scrooge would never have gotten involved in such things!</P>
<P>So you are right! Greed and interfering government policies catalyzed the chaos right now. But stay optimistic: About 3% to 5% of the market has adversely affected the entire market: but in the end, if the government(s) do not take too many incorrect actions, things will settle down. 95% - 97% of Americans pay their mortgages on time and are employed. This is not even close to a depression with e.g. 30% unemployment.</P>
<P>And you can do worse than follow Scrooge McDuck's example! Buy stocks when they are low, sell when they are high, avoid bubble mentalities, and stay cool in a panic!</P>
<P>Best Wishes!</P>
<P>L. Schulte</P>
<P>L. Schulte had written:</P>
<P><EM>Scrooge would never have gone bankrupt by investing in subprime mortgages,<BR>> which were mainly about political correctness in getting mortgages to<BR>> people without the means to support a house or pay a mortgage, and then<BR>> "bundling them" to be sold to investors higher up the food chain in an<BR>> irrational bubble market.<BR></EM></P>
<P>Lars replied:<BR><EM>Let me get this straight: the current financial and economic crises which<BR>are causing lots of firings, factory closures, loss of pensions,<BR>bankruptcies etc. etc. all over the globe are *not* primarily caused by<BR>irresponsible greed in the financial sector in combination with<BR>international political instability and failed economic policies... but<BR>rather by "political correctness"?!?! (Whatever "political correctness" is.)<BR><BR><BR></EM></P>
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