Cloud9 wrote:It always intrigues me that the students of the great depression focus on the Keynesian spending of the New Deal as the vehicle that got us out of the depression. They simply overlook the War. World War II created a unique set of circumstances that benefitted the United States.
Cloud9 wrote:It always intrigues me that the students of the great depression focus on the Keynesian spending of the New Deal as the vehicle that got us out of the depression. They simply overlook the War. World War II created a unique set of circumstances that benefitted the United States.
1. It rapidly expanded the industrial base of the United States.
2. It decimated the industrial base of Europe and Asia.
3. It forced austerity on American consumers at a time of near full employment vastly expanding personal savings and fueling pent up demand.
As a result of the proceeding three factors, the United States became a hyper power in the last half of the twentieth century. Absent these three factors, money printing simply feeds the beast and destroys the middle class. By debasing the currency you devalue savings and pension plans. You get no expansion of the industrial base. You get no forced savings. What you get is hoarding as individuals rush to exchange their dollars for commodities. The resulting scarcities fuel more printing.
Government has no solution but will foist upon us all more government. The greatest enemy we will all face in the coming decades is the tax man as all levels of government scramble for the few remaining pockets of wealth. Get ready to lose the farm in a tax sale.
One day after lowering the nation’s platinum triple-A credit rating, Standard & Poor’s analysts warned Saturday that the U.S. government could face a second downgrade if the economy continues to struggle and the government fails to make the cuts outlined in the debt ceiling agreement.
The ratings agency on Friday downgraded the nation to AA+ for the first time in history, saying partisanship in Washington is preventing dramatic deficit reduction.
S&P managing director John Chambers told reporters on a Saturday conference call that the toxic mix of a listless economy and political infighting will cause government debt to grow.
“Compared to some other highly rated governments, the U.S. government does not have the proactive ability to put public finances on a firm footing,” Chambers said.
His colleague David Beers said the partisan discord increases the risk that Washington will not achieve effective policy remedies.
“For that reason, there’s a lot of uncertainty about the future debt burden,” Beers said.
It always intrigues me that the students of the great depression focus on the Keynesian spending of the New Deal as the vehicle that got us out of the depression. They simply overlook the War. World War II created a unique set of circumstances that benefitted the United States.
1. It rapidly expanded the industrial base of the United States.
2. It decimated the industrial base of Europe and Asia.
3. It forced austerity on American consumers at a time of near full employment vastly expanding personal savings and fueling pent up demand.
Cid_Yama wrote:We are here because Wall street ran a massive mortgage derivitive Ponzi scheme with the blessing and assistance of the Bush Administration that fleeced the entire world, including our own people. ...
This is all about who pays for what Wall Street did. This isn't debts the American people racked up. This is the devastation left in the wake of the mortgage derivitive Ponzi scheme.
The problem is, the Republican's have been placing the blame for where we are on the working American, when the blame squarely falls on Goldman Sachs
Cid_Yama wrote:This is all about who pays for what Wall Street did. This isn't debts the American people racked up. This is the devastation left in the wake of the mortgage derivitive Ponzi scheme.
bluekachina wrote:I just looked up the US minimum wage. $7.25 an Hour. X 40 hrs = $290.00 a week. Maybe $1000.00 a month take home.
Utilities maybe $400.00, Food maybe $200.00, rent or house payment would take the rest. Bob the burger flipper was not vacationing in Tahiti nor participating in the fraud perpetrated by Wall Street.
EDIT: A miscalculation. At the time of the Fraud minimum wage was $5.15 an hour. that's $206.00 a week maybe $750 take home a month. How did these people survive? The US mistreats it's people and doesn't deserve a place at the table with the rest of us.
bluekachina wrote:They may have been bamboozled in the US, but the rest of the world hasn't forgotten who is responsible.Cid_Yama wrote:This is all about who pays for what Wall Street did. This isn't debts the American people racked up. This is the devastation left in the wake of the mortgage derivitive Ponzi scheme.
The problem is, the Republican's have been placing the blame for where we are on the working American, when the blame squarely falls on Goldman Sachs.
bluekachina wrote:US investment bankers are criminals of the highest order. Where are the prosecutions?
Bob is not the only one at fault here, everyone in that chain is; from the agent, to the legislators who force subprime lenders into existence and then them accepting fraudulent apps, to Bush and Clinton for failing to demand oversight on such a large market, to the bankers who were too hesitant to unwrap and audit those derivatives; to the traders who put them together in the first place knowingly concealing worthless assets.
Don't say it didn't happen, because I *WATCHED IT HAPPEN*.
It was trendy and cool even. What is the point in denying that it happened?
Beyond the positions taken there is a fundamental truth we all have to recognize and that is that we are still stuck collectively at the blame stage.
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