Once again we witness the ‘miracle of Wall Street’ in action. Overnight, exchanges around the world were bleeding red ink…and then the sun rose over Lower Manhattan and all of a sudden the Dow is in POSITIVE territory!
The ONLY place on the fucking planet, how about that?
The truly frightening part good citizen is we use this, er, information to plan how we are going to proceed with our lives.
Bad information only makes the situation exponentially worse!
First up is Bobby Reich with another rant about the nonsensical policies being pursued by the ‘government haters’ and their corporate media 'back-up singers…'
Paul’s newly-unveiled economic plan – promising to cut $1 trillion from the federal budget in year one (presumably that means 2013) – is only slightly more ambitious than what we’re hearing from other Republican candidates. They’re all calling for major spending cuts starting as soon as possible.
What are they smoking?
Can we just put ideology aside for a moment and be clear about the facts? Consumer spending (70 percent of the economy) is flat or dropping because consumers are losing their jobs and wages, and don’t have the dough. And businesses aren’t hiring because they don’t have enough customers.
Exactly correct sir! The business community (with global connections) is flush with cash. It’s their customer base that doesn’t (in increasingly larger numbers) have a pot to piss in or a window to throw it out of…
What is the number one killer of ‘private enterprise’?
Lack of customers!
Bizarrely, it isn’t just capitalists who are, er, ‘ignorant’ of this fact, it appears our new ‘one size fits all’ politicians are also, er, ‘clueless’ regarding this bit of capitalist trivia…
The only thing stupider than attempting to solve a debt crisis with more debt is attempting to cure a solvency crisis by drying up income sources, in effect, tightening the noose they have helped the greedy few to slip over our heads.
The ‘austerity’ will NOT be universal, it never is. Worse, those responsible for this train wreck will enjoy the protection of both the police and the courts while the victims languish in a world that no longer needs them.
Tortured for their ‘failure’ in a stratified world that has no use for them…or worse, regards them as parasites to be exterminated!
These one way, dead end social Darwinists have only one goal and that goal is to insure they aren’t on the ‘losing’ side.
So don’t take it personal if they throw you and yours under the bus, for all of their rhetoric, they subscribe to the philosophy of ‘better you than me!’
You are routinely being enlisted to help dig your own grave…if you’re ‘too smart’ for that old trick then you’re invited to sit on your hands while they slowly strangle you to death.
And the bad news is you’re doing it!
We are long past the time for talk, it’s blood in the streets time!
As evidenced by this lucid argument
What worries me is that we’re… starting to see fault lines develop, where one side blames the government while another side blames Wall Street for the messes of the last two decades…
Everyone was involved in the mortgage scam. At the lender level the deceptions were myriad; liar’s loans, fraudulent income documentation, negative amortization loans, HELOCs, etc. The rush to get as many loans written as possible and then get those hot potatoes moved to the next sucker in the line was furious and extended from coast to coast, sinking one lender after another in Ponzoid debt and indictments….
Everyone had a hand in the bubble, from the congressmen who killed regulatory initiatives to the regulators who snoozed at the wheel to the GSEs to the Fed to the banks to the ratings agencies to the lenders. I don’t think it’s really controversial to say that, but it does seem like there’s an argument brewing about what that across-the-board complicity means.
Did our ‘friend’ Flipper fall for the bait hook, line and sinker? He sure did but who is responsible for that if not Tom Vu?
AND the dire lack of critical reasoning skills the ‘fuck you, pay me system’ prevents our children from being educated in.
Why did no one wonder if there was so much money to be made in Real Estate why was this asshole peddling ‘get rich quick’ schemes?
At $600 a clip?
For all of my ragging I have never forked over a single cent to a ‘snake oil’ salesman like Tom Vu but I have friends who did…
And other friends who bought into EST and a whole slew of other ‘fads and trends’ mostly famous for being a flash in the pan/ hit and run event…
I did get clipped for a hundred dollars in a ‘circle of gold’ letter once…
But I digress, it’s not the scam itself that is worrying, it is the flipside…where have the, er, ‘Good Guys’ been during all of this or more importantly, where are they now?
You STILL don’t see anybody getting prosecuted for their, er, ‘treachery’…
Which leads us to this ‘you’ll know it when you see it’ question.
Like children sitting anxiously in the back of the car on a long journey, many people -- especially those "experts" who failed to see financial Armageddon coming or how bad it would be -- keep asking if we are there yet -- with "there" being the long-awaited economic recovery.
Well, if history is any guide, they might want to get their blankies out, because odds are that we still have a long (and depressing) ride ahead of us. According to a new paper, summarized by Globe and Mail columnist Michael Babad in "Great Recession May Not Yet Be Even Half Over, Study Says," "the Great Recession may not even be half over yet."
"The preponderance of evidence for episodes comparable with the current U.S. slump is that, while potential GDP is eventually restored, the slumps last an average of nine years," they write. "If this historical pattern holds, the Great Recession that started in 2007:4 will not ultimately affect potential GDP, but the Great Slump is not yet half over."
I’d follow the first question with a second one (being one of the few blessed with ‘critical thinking skills‘) and that second question would be, “Does anyone think the economy/social model is capable of correcting itself?
That’s what the ‘anti-government’ crowd thinks.
Must make your head explode to see an ‘Anarchist’ preaching in favor of government but every right minded anarchist knows that without ‘enforceable rules’ civilization itself is not possible! (And I do LOVE civilization!)
And make no mistake about it good citizen, those who would abolish YOUR protection from the greedy and the selfish have no intention of being caught unprotected!
Sadly, this means exactly what you think it means…what it has ALWAYS meant.
It means, “do as I say and not as I do.”
Not that I’m convinced the majority has been hoodwinked into supporting their own assassins, that is the media’s fault for creating that, er, ‘impression’.
And when the gloves come (completely) off, the worthless media will be the first to feel the wrath of a mislead public…
But I, once again, digress…
Thank you for letting me inside your head,
Gegner
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