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It's very easy to say now that what Peter is saying isn't rocket science - because it's HAPPENING RIGHT NOW - but two years ago the conventional wisdom was that he was a fool.
No, a lot of people knew what was going to happen. All anyone had to do was look around and talk to people and know there was too much debt in the system. That part was pretty simple.
A lot of people also knew about the CD swaps and the junk securities, but you see, nobody listened.
And even now, people aren't listening to the warnings about government deregulation, who this money is going to, and what this means for the future of our government and life as we know it.
Most people I talk to still seem to think we're in some kind of business cycle that is going to automatically correct itself.
Most people I talk to still seem to think we're in some kind of business cycle that is going to automatically correct itself.
It will automatically correct itself if the government stops this ludicrous bailout, stops flooding the system with money, lets delinquent institutions and individuals go bankrupt, allows asset prices to return to rational levels and lowers taxes across the board.
Otherwise, I agree. We're in for some major long-term pain.
Well, if you say it long enough, it is bound to happen one of these days if you live long enough.
Can somebody tell me if I heard this right. I probably will not get this right because when I heard it my mouth feel open from disbelief. So here is the question: Did our legislature stick a package on this bailout to give to people who want to buy cars, but otherwise would not be able to do so.
Didn't this whole thing happen because people were given loans on houses they could not afford. So doing the same thing with cars is supposed to help it?
I would say the best thing our government could do is to do nothing. They do not know how to do it right. Cut up their credit cards. Make it a law to balance the budget, punishable by a prison term if they don't.
Well, if you say it long enough, it is bound to happen one of these days if you live long enough.
Broken clock twice a day is a silly notion, IMO. Here's why:
We've only been on the petrodollar standard since 1971 when we closed the gold window. Less than 40 years later, our fiat currency system is crashing down around itself. Not a very long tenure.
Also, the problem was building since the equity bubble was forming in the 90's under Clinton/Greenspan and continued under Bush/Greenspan/Bernanke and was only being prolonged by massive Fed rate cuts. Most people with half a brain and any understanding of monetary policy could've seen the bubble slowly expanding.
Well, if you say it long enough, it is bound to happen one of these days if you live long enough.
Can somebody tell me if I heard this right. I probably will not get this right because when I heard it my mouth feel open from disbelief. So here is the question: Did our legislature stick a package on this bailout to give to people who want to buy cars, but otherwise would not be able to do so.
I don't know about that, but I do know that the second bailout package -- the one that passed -- had all kinds of special gifts in it. After the House voted down the first bailout package, Bush called in an army of Lobbyist who went and visited all the House Reps who voted "no". They basically made them all kinds of offers and gifts and many of them sold out on us. The second bill was basically a Christmas tree full of gifts for all the members of the House that was used to buy them off. They signed that bill out of greed.
No it is the leaders of the house that gave all the pork;bribes away to the congressman. Bush can't give them anything and the secaond bill changes were made in a congressal meeting.The usual from congress. In fact the democratic leadership could have prevented the first and then the cecomd form being voted on because they control the schedule. They don't want a bill coming up;it doesn't come up.
No it is the leaders of the house that gave all the pork;bribes away to the congressman. Bush can't give them anything and the secaond bill changes were made in a congressal meeting.The usual from congress. In fact the democratic leadership could have prevented the first and then the cecomd form being voted on because they control the schedule. They don't want a bill coming up;it doesn't come up.
You're right, the pork bribes came from the leader of the house. But the lobbyists handed out all kinds of money. They literally would say, "Now, do you have a special pet project that you need some funding for?" And then they'd give them money for that project. So those who voted yet for the bailout were basically bought and paid for.
All that pork that got attached were old, stale bills that Congress wouldn't push through.
If you read the bill you'll see many amendments on the dates..changed from 2007 and 2008 to 2009.
The solar energy credit one was going to expire but that got tacked onto the bill and passed.
The AMT has been stuck in there for a few years now..but that got tacked onto the bill.
Well, the only way that I am going to survive is to find somewhere cheap to rent where I can live off the land. Otherwise, I am never going to make it. I know that I won't have enough work and the little money I have will be worth nothing. I'm trying to stock up on some essentials now, like pasta, rice, canned fish, soymilk, nuts. I'm doing my best.
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