Crisis Report Blames U.S. for Global Financial Meltdown - Barrons.com

PLUS EGYPT: Crisis Report Blames U.S. for Global Financial Meltdown - Barrons.com

I recall the professors at Cornell in the 1960's talking about the importance of 'process' vs. 'product'.

Basel II and now III are clearly emblematic of this effort to avoid critical thinking by turning judgment into a 'process'. Thus, as said, a credit decision was based on the process of taking in what the rating agencies said. Independent, risk-analysis was immaterial; because, the rating agency figures would trump any independent assessment.

Isn't this the same thing going on now with any reasoned thinking having to question the ability to pay the pensions and benefits that the 'entitled' members of developed country societies think they deserve?

And, now we have Egypt. Nothing wrong with having ten kids who just learn to recite the Koran. No other meaningful education; but, deserving/entitled to a job, low cost food, etc.

Hillary wanted us to give Honduras to a Chavez type socialist. Luckily Honduras prevailed against Hillary, Obama and the US. Now they somehow abjure the relationship between Islamic democracy and Islamic theocrats.

Can anyone remember how the liberals supported the overthrow of the Shah of Iran and now we have mullahs making atom bombs?)

Let's watch the price of oil and gold - and, in doing so, not forget to tie any price increases to our Democratic administration in Washington.