How can you blame Greenspan or Reagan ? It's not a matter of macro-economic or interest rate VS inflation... The main problem is the gigantic deficit. and that's not Reagan (Clinton fixed this) or Greenspan.
You have a president who spends like a teenager in a shopping mall with daddy's platinum credit card.
When the current mortgage "house of cards" bubble explodes, brace yourself for a rough ride. Most of the last years economic growth has been stimulated by consumers spending, stretching their mortgage to the maximum to finance their consumption.
ah, well, hyperman makes good points. it is true that the housing bubble is barely holding things together, and when it goes, the sand castle will definitely collapse.
he also makes the good point that consumer spending is out of control, but remember that many of the measures of economy depend on that spending. those indicators that all the elites keep parading as signs of 'health' are just plain stupid, as far as i'm concerned. they don't even begin to address the real economic losses and struggles on the front line; that spending is shifting dramatically from the millions of everyman to the very very few filthyrichman.
it's true that clinton fixed reagan's deficit, and he did it by relying on reasonable, though not entirely equitable taxes (the rich should have to pay higher taxes, in my opinion). he also had a little help from the dotcoms.
but clinton also sold out the concerns of the american workforce with nafta, as well as his playing footsie with corporate interests.
hyperman's biggest point, though, is the best one. this particular excuse for a president has done more to throw us fully into economic ruin than all our blamees combined. this godforsaken war is sucking all our tax dollars into a black hole of no returns. that's typical in a war - those bullets and bombs are made to be destroyed as well as to destroy - but add to that waste the jaw-dropping waste from corruption and graft from all the privatization mess, mix in a huge tax relief for the rich, and voila! massive, terminal debt and an instantly trashed dollar!
Jeeze, how often do I see five consecutive comments that I agree with? But I would take it back further, to LBJ and Nixon, who severed the last connections the US dollar had with a precious metals standard. We sacrificed Constitutional money for empire, and the current problems follow inevitably from that, just as they have in every other nation that has tried to fake out reality with fiat money.
That having been said, Greenspan should be drawn and quartered, as well as Bush (and Reagan's corpse), and yes, hyperman, what's coming is not going to be pretty. The housing crash has only begun, and this time I don't think the money-manipulators are going to slither out of the mess they have made of our economy. Get down to your local coin/pawn shop, and stock up on silver coins. They, at least, are real and always will be.
6 comments:
i blame greenspan
i do, too, bookman; and reagan, too.
How can you blame Greenspan or Reagan ? It's not a matter of macro-economic or interest rate VS inflation... The main problem is the gigantic deficit. and that's not Reagan (Clinton fixed this) or Greenspan.
You have a president who spends like a teenager in a shopping mall with daddy's platinum credit card.
When the current mortgage "house of cards" bubble explodes, brace yourself for a rough ride. Most of the last years economic growth has been stimulated by consumers spending, stretching their mortgage to the maximum to finance their consumption.
ah, well, hyperman makes good points. it is true that the housing bubble is barely holding things together, and when it goes, the sand castle will definitely collapse.
he also makes the good point that consumer spending is out of control, but remember that many of the measures of economy depend on that spending. those indicators that all the elites keep parading as signs of 'health' are just plain stupid, as far as i'm concerned. they don't even begin to address the real economic losses and struggles on the front line; that spending is shifting dramatically from the millions of everyman to the very very few filthyrichman.
it's true that clinton fixed reagan's deficit, and he did it by relying on reasonable, though not entirely equitable taxes (the rich should have to pay higher taxes, in my opinion). he also had a little help from the dotcoms.
but clinton also sold out the concerns of the american workforce with nafta, as well as his playing footsie with corporate interests.
hyperman's biggest point, though, is the best one. this particular excuse for a president has done more to throw us fully into economic ruin than all our blamees combined. this godforsaken war is sucking all our tax dollars into a black hole of no returns. that's typical in a war - those bullets and bombs are made to be destroyed as well as to destroy - but add to that waste the jaw-dropping waste from corruption and graft from all the privatization mess, mix in a huge tax relief for the rich, and voila! massive, terminal debt and an instantly trashed dollar!
What I fear the most is what will happen after the shit hit the fan and the American economy bubble burst.
Economic despair is a very fertile ground for fascism.
Jeeze, how often do I see five consecutive comments that I agree with? But I would take it back further, to LBJ and Nixon, who severed the last connections the US dollar had with a precious metals standard. We sacrificed Constitutional money for empire, and the current problems follow inevitably from that, just as they have in every other nation that has tried to fake out reality with fiat money.
That having been said, Greenspan should be drawn and quartered, as well as Bush (and Reagan's corpse), and yes, hyperman, what's coming is not going to be pretty. The housing crash has only begun, and this time I don't think the money-manipulators are going to slither out of the mess they have made of our economy. Get down to your local coin/pawn shop, and stock up on silver coins. They, at least, are real and always will be.
Post a Comment