A friend of mine emailed me this perspective:

1) The current world credit problem is almost entirely due to the US government putting a socialist program in its banking/mortgage industry (redistributing goods and services as loans to those who can't pay them back). You get some feel for the relative size of the US and all other economies by seeing how our problem is everyone else's problem.

2) We are about to elect a determined socialist president who will likely get a majority in both houses of our legislature large enough to put his programs in place.

To quote Al Jolson "You ain't seen nothin' yet!"

I am still predicting that McCain will win, even though this is becoming more and more a minority opinion. But if my friend is right, I agree with his conclusion.

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