Ya, Enjoy the 2010 Depression
- Thread starter MonsterMark
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fossten
Dedicated LVC Member
But-but-but - BUSH AND THE REPUBLICANS SPENT MONEY TOO!
/liberal foxpaws canned response
/liberal foxpaws canned response
NoLimit95
Dedicated LVC Member
Agreed, he's the one that got us into this so deep.
fossten
Dedicated LVC Member
Don't worry, Obama will make him look like a piker.
Already has....
stlunatic
Well-Known LVC Member
Ron Paul for president 2012
Not Ron Paul but certainly someone with his endorsement.
MonsterMark
Dedicated LVC Member
Ron Paul has too many looney tunes dialed into his radio. Some channels are nice and clear, and some others are just out there.
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Exactly.
fossten
Dedicated LVC Member
We're doing a lot worse than him right now.
Joeys Lincoln
Active LVC Member
So then what's the plan?
fossten
Dedicated LVC Member
First, Byron Dorgan, D-ND, needs to announce that he's retiring.
Then, several Senators who voted for Obamacare should see the handwriting on the wall and resign as well.
Marcus
Dedicated LVC Member
Just the clarify that chart, it includes ALL debt, both public and private. Here's the makeup:
Household debt and financial sector debt make up the bulk of it, not federal debt. Federal debt will no doubt increase (perhaps drastically) under Obama, but the fact is that the real underlying problems (what got us here) are consumer debt and financial sector debt. Consumers went on buying binges due to cheap credit, and the financial industry "innovated" the markets into an impossibly complex ponzi scheme using phantom money and phony instruments like credit default swaps.
The article is basically correct. 2008-2009 was only the tip of the iceberg when it comes to economic catastrophe. We need to accept the reality that we will never again see the kind of lifestyles we enjoyed for the last few decades. We got drunk and now we're dealing with the worst hangover in history.
And there's not a damn thing that can be done about it. Not more federal spending, not tax cuts, nothing. It's over. All we can hope for is to ease the fall.
I used to snicker at my grandmother who would walk across a parking lot to pick up a penny. But she lived through the first Great Depression, when every cent counted. That's what's in store for us for the foreseeable future.
Thank God we managed to save Wall Street before it collapsed into ruin. Gotta have priorities.
Household debt and financial sector debt make up the bulk of it, not federal debt. Federal debt will no doubt increase (perhaps drastically) under Obama, but the fact is that the real underlying problems (what got us here) are consumer debt and financial sector debt. Consumers went on buying binges due to cheap credit, and the financial industry "innovated" the markets into an impossibly complex ponzi scheme using phantom money and phony instruments like credit default swaps.
The article is basically correct. 2008-2009 was only the tip of the iceberg when it comes to economic catastrophe. We need to accept the reality that we will never again see the kind of lifestyles we enjoyed for the last few decades. We got drunk and now we're dealing with the worst hangover in history.
And there's not a damn thing that can be done about it. Not more federal spending, not tax cuts, nothing. It's over. All we can hope for is to ease the fall.
I used to snicker at my grandmother who would walk across a parking lot to pick up a penny. But she lived through the first Great Depression, when every cent counted. That's what's in store for us for the foreseeable future.
Thank God we managed to save Wall Street before it collapsed into ruin. Gotta have priorities.
fossten
Dedicated LVC Member
Thank Obama for that - he's still saving it.Thank God we managed to save Wall Street before it collapsed into ruin. Gotta have priorities.
Agreed. Though, there are reasons that the financial industry had to "innovate" (using, basically, methods that have been used in Europe and have not been unstable there) that I think you are missing. But, the basic fact is that lending standards were too low and people got into a pattern of living off of credit way too much. Now the market is trying to correct itself and the more we try to fight it the worse it will be.
The say the next bubble on the horizon is the academic/student debt bubble.
Marcus
Dedicated LVC Member
Why does everything with you have to be reduced to partisan potshots? The bank bailouts happened under Bush's watch in 2008. And so would the auto bailouts if Bush hadn't been leaving office. It really doesn't matter who's watch it was under though. The point is that our government has been bought and paid for by Big Business.
fossten
Dedicated LVC Member
You're right - our current government was bought by big business, which is about to get a huge payoff.
Wall Street investment bankers whose money got Obama elected will be enriched. Goldman Sachs, who heavily supported the Obama campaign, is heavily invested in carbon credits. Can you say quid pro quo?
From CNN:
Isn't it funny to hear whining about 'partisan potshots' from the same people who screamed 'CHENEYHALLIBURTON!' for years.
By the way, your semantics are off a bit. Government has TAKEN OVER Big Business.
By the way Marcus, don't you have some photos to misrepresent?
Marcus
Dedicated LVC Member
Can you say "taking advantage of an investment opportunity"?
The pharmaceutical industry has heavily supported Republicans, so can I assume, based on your standards, that the massive giveaway called Medicare Part D was quid pro quo? Perhaps they both are. If you want to continue cherry picking, have a heyday.
And I would argue just as stridently that Big Business has TAKEN OVER our government. How about we just say that Big Business and government have essentially merged and leave it at that. Neither has average Americans' interests in mind.
If you want to dredge up some old battle, find the thread and post there. I'm not interested in playing whack-a-mole with you whenever you feel like changing the subject.
fossten
Dedicated LVC Member
Oh, come on. You post so seldom, surely you know what I'm referring to.
You hit the nail on the head more then I think you may realize.
The thing is, when government starts interfering in the markets; singling out certain markets and even businesses for regulation, it starts to make sense for businesses to lobby the government to, at the least, stay on their good side and, at the most, to curry favor with them; to try and make a maintain profits in an economy increasingly regulated by the government. The result is corporatism.
Frankly, I think there should be a general "wall of separation" between government and the economy in the Constitution (with certain specific exceptions, of course).
I am curious, how has Big Business "taken over" our government? I would be interested to hear your reasoning on that.
fossten
Dedicated LVC Member
It's not the government's job or right to pick winners and losers in the economy. Obama has seen fit to pick those who supported him in the election as winners.
That's corruption.
That's corruption.