“I predict massive deflation unemployment and even worse price controls.”
I think it is going to flip the other way. We are going to keep creating money like drunken sailors destroying the ants among us who are savers.
I heard that AIG burned through most of the money we gave them already (probably went to Goldman Sachs to retire that debt I bet - Paulson and Bush are as crooked as the rest of them).
I was probably not going to vote for McCain before this fiasco, and I am even less likely to vote for him now. I hate the thought of an Obama presidency, but we are getting what we deserve.
It is time to start rebuilding the Republican party with new Congress critters in two years.
Be comforted by the fact that a good portion of the $700B bailout will probably go to pay the salaries of folks that will establish the value of the underlying securities on the books of these large companies. You know the same geniuses who conceived of this “crap” in the first place. I wonder what method they will use: golf buddies, payments under the table, chicken entrails... God help us all.
I would agree but that would REALLY screw the banks. We could pay debt with cheap dollars. The first priority for them is to SAVE thae banks. In the 70’s we had inflation but wages went up with it. Maybe wiwill have destaginflation. A busted ponzi.
Rebuilding the GOP with new congressmen won’t happen. The newbies will just get co-opted and mind-numbed by the (unelected) party players in DC.
It’s going to take reaming out the GOP leadership at the county and state levels in order to replace the GOP leadership at the national levels. All of it time-consuming and slow, while the entrenched interests continue to seduce and lobby every newbie we send.
It may be time for the GOP to go the way of the Whigs. But the best thing would be to decentralize the various portions of the Federal system and move them away from the NYC-DC corruption corridor. Put the senate in Detroit, the house in Oklahoma or Nebraska and move various bureaucratic headquarters to other hinterlands. Put the Dept of Ed in Mississippi, the BATF in New Orleans, HUD in North Pole, AK or ANWAR, National Endowment for the Arts in North Dakota and so on.
Let’s make sucking on the federal teat a little more difficult and a lot less attractive as a career goal by geographic rearrangements of the honeypots.