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let me guess - Citibank's decision to jack rates to 29.9% didn't have anything to do with that?
Neither does the gross and outrageous under-reporting of jobless rates by the government?
Neither does the incessant attempts to jack up taxes by state and local governments (instead of cutting spending back to, for example, year 2000 levels)?
Neither does the fact that the very banks who managed to play the "end of the world" card just one year ago, effectively stealing government guarantees and handouts worth some twelve trillion dollars, are now paying record-level bonuses?
Neither does the fact that Bwarney Frank and Chris Dodder are "furious" about the credit card companies rate-jacking people, but they in fact wrote the bill to allow it to happen?
Neither does the Federal Government's outrageous and insane refusal to acknowledge that we have too much debt, including at the federal level, and you can't fix a drunk's problem by giving him a bottle of whiskey?
Many people consider The American People to be "sheep."
It appears that The Sheep have watched a cadre of a dozen foxes (the billions of "campaign contributions") and five sheep holding a vote on what's for dinner, and realized that in such a rigged game the best choice is not to play, kneecapping the foxes' ability to feast.
Beware if your thesis of "economic recovery" requires consumers to "go out and shop", for it is damn hard to do when you have no job, your credit card interest rate was just jacked to 30%, you were laid off yesterday afternoon and you just got a foreclosure notice in the afternoon mail. (denninger)
I wonder what will happen after Christmas. I know my entire extended family (myself included) is aiming for the cheapest holiday season imaginable. We've actually got a contest going to see who will spend the least. And most of us aren't really hurting that bad anyway; it just suddenly isn't cool to spend. The winds of change are blowing.
It's ok. The Keynesians will rescue us, because government is almighty and can always be the consumer of last resort.
In fact, the government doesn't need those stinkin' consumers. Be gone with you!
Well, we can't completely disappear... the government needs our tax dollars to fund their Keynesian orgy of over-spending, or at least service the sky-high debt they rack up from their out-of-control over-spending orgy.
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