So I go to bed hearing of the economic collapse. It has been expected by anybody that has been paying attention to anything. In fact, the lady that lives across the street from me has started selling for Edward Jones. She pops by or calls all the time with these investment ideas. I enjoy her company and think she would do a good job for investments, but as I kept telling her, the markets would crash around the end of the year. My only concern was if they would continue to be artificially sustained by the current administration.
Oh I know you are going to get all pissy and say this can't be blamed on Bush. And I wont argue that fact. Mainly because I have no idea who calls the punches anymore. See the problem is Bush runs Government like the farmer who puts a fox in charge of the hen house. Bush is not the Fox. Bush is just a piss poor chicken farmer. Bush, even now, will claim that nobody could foresee all the chickens would end up dead and missing and nobody should blame the Fox that was in charge.
So you put guys like Mike Brown in charge of FEMA. You fire all the Generals who say Iraq invasion is wrong and it will take way more troops and way more money that projected. You replace the competent people who tell you the truth you don't want to hear with the incompetent people and watch a system fall apart.
Now you have investment speculators in charge of the economy. They rig loans that fall out of the formula that protects the borrower and the lender and call it "Sub-Prime." They saturate the market with low interest loans, with little or no money down, for amounts way beyond a borrowers reasonable ability to pay-off. The result is a butt load of default. Then the foreclosures built in numbers and the banks are now threatened. In the meantime, you have corporations run by the all hat and no cattle set of CEO. They have a goal to create a golden parachutes.
So this set of stellar geniuses are the ones setting the agenda of getting out of the over financed, under secured cluster fuck of an economy THEY Created. And how do they propose to solve the crisis? 1. Let them borrow more money (free- no interest) from the tax paying government to keep doing business as usual 2. In a time where the main problem as been identified as easy credit, let's CUT interest rates!
While the mainstream media seems to embrace this idea (any chance it's because corporations Disney (owns ABC) and GE (owns NBC) are companies that need bail outs?) There is one single voice of reason that I have found in the media. If you watch the video, pay attention to how the news guy tries to argue with Mr. Rogers.
3 months ago