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This so-called rescue package is nothing more than a band-aid. They're stalling. They're buying time.
Treat this as a respite, not a solution, and use the time to prepare for the hard times to come.
Hard times relative to what? 1% interest rates and lax credit standards?
To be sure a six-month recession at least, possibly two years if they continue to neglect sound policy and focus instead on continuing to raid the treasury.
I think the guarantee of interbank lending and government equity stakes in the banks avoids a depression.
Even if we have 2-10 years of average 1% growth with interest rates of 6%-8% for worthwhile investment projects - and not 1% for reckless consumption - that could be considered normal.
To be sure, overtime such a rate of growth for an aging population means a deep cut in the material standard of living.
So we'll just have to learn to raise the standard in other ways. It's happened before in history, it could happen again.
To be sure a six-month recession at least, possibly two years if they continue to neglect sound policy and focus instead on continuing to raid the treasury.
If the winning political party keeps their campaign promises, I think we can expect at least 2+ years of stumbling in the dark. Hopefully by 2010 the American electorate will have enough sense to remove most of the individuals in Congress.
So we'll just have to learn to raise the standard in other ways. It's happened before in history, it could happen again.
I agree. Only in the last 50-60 years or so has a "quality" standard of living meant lots of material things, toys, etc. We did it before, we can do it again.
Since I did not qualify for the 1st rebate I am guessing I am not going to qualify for this one either, but I know my taxes are going up because of this BS... anyways you guys who get that check enjoy it and be sure to thank people like me who are financing your bills now.
Sometimes I wonder why the bailout went straight to the banks, rather than to the banks through mortgages issued. It'd lower the payments people have (see: more might be able to afford them...) and the banks get their money anyway. Free up the people so they can save, spend, do whatever.
Wouldn't that be the "logical" thing to do
-chuck22b
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