Kathy ([info]kathygnome) wrote,
@ 2008-09-19 10:54:00
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Current mood: scared

Honest Fear
I have been nervous about the long term future for quite a while, but today I am absolutely outright terrified. Don't make any mistake, we are teetering on the edge of a second Great Depression. We are talking about bailing out the ultra wealthy to the tune of 1-2 TRILLION dollars that we are going to borrow from the Chinese. All because if we don't, we'll be fighting over rats and squirrels to eat a year from now because the entire western economy will collapse.

This is bad. Really really bad. Nothing is going to happen until Bush is out of office because he doesn't have a clue and it's still not clear that we're not going to elect a sad old man who can't think straight to replace him.


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[info]lassiter
2008-09-19 03:10 pm UTC (link)
The Democrats are totally on board with bailing out the bankers. Chris Dodd will be sponsoring the administration's bill in the Senate. Bush may be the triggerman, but the criminals are totally bipartisan. Obama will go along with it, too - he dares not do otherwise lest he get the blame for "undermining confidence."

It's worse than just being "just" a trillion-dollar bailout. It makes the federal government the single largest holder of residential and commercial property in the country. Those foreclosed-on homes will be packaged and sold to Saudi or Chinese speculators, with the US taxpayers as the guarantor. Socialism in reverse.

In any other country in the world, there would be armed people in the streets right now. Only in the USA has the populace been so totally turned into sheep.




Edited at 2008-09-19 03:10 pm UTC

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[info]kathygnome
2008-09-19 03:12 pm UTC (link)
I support the bailout as well. The alternative is unimaginable. Of course I don't support the repackaging and selling off at a discount price--but gee you don't think they're going to just let poor people move into those houses or something sensible like that. But really, we don't have a lot of other options because they've let it get this bad. The whole thing really will take all of us with it.

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[info]lassiter
2008-09-19 04:23 pm UTC (link)
The alternative is unimaginable.

I disagree. The real assets (homes, land, people, small banks & credit unions) remain. Only the inflated bubble paper disappears. Very very bad for Wall Street, and those who bought into the "invisible hand" religious cult. But all this bailout does is postpone that inevitable crash in a futile attempt to preserve enough of the artificial bubble so that the members of the parasitical non-producing "investor class" don't have to get job training and actually work for a living.

Best rule-of-thumb: If a particular policy makes the Dow skyrocket, it's a very bad policy. Bubbles always pop, and trying to sustain them makes the fall even worse.



Edited at 2008-09-19 04:25 pm UTC

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[info]peaceful_fox
2008-09-19 03:30 pm UTC (link)
This is the first time in my life I can honestly say I am financially worried.

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[info]moogiewoogie
2008-09-19 03:43 pm UTC (link)
My advice? Take your money out of the stock market banks insurance companies...uhh...oh crap :<

The sad thing about all of this is that the same thing happened to Communist Russia. The system was originally planned by a visionary man with a plan and was implemented with the greatest of intentions. Slowly though, it all became corrupt by a series of leaders who wanted nothing more than to bilk the system for their own means. Check it out:

"The pressures on the ruble, reflecting the weakness of the economy, resulted in a disastrous fall in the value of the currency. Massive tax evasion also continued, and the government found itself unable to service the massive loans it had received or even to pay its employees. The government stopped making timely payment of wages, pensions, and debts to suppliers; and when workers were paid, it was often with bartered goods rather than rubles."

Oh snap. I bet they're really laughing at us now, eh?

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