Posted on 11/12/2008 10:57:08 AM PST by Blogger
Compare this thread from earlier this year http://www.freerepublic.com/focus/f-chat/1994684/posts
With this article & recent history... http://www.cnbc.com/id/27641538
“Failed Bush Policies” is an accurate description in that Bush was either unsuccessful at stemming the financial insanity or he was complicit with the Democrats in constructing the financial insanity, or he didn’ think it was important. He is a self-described Keynesian so I suspect he was complicit or at least saw nothing to worry about.
ping to self
Just heard on CNBC that the #1 item that has seen the largest increase in sales across America is safes. People are bringing it home instead of trusting them banks.
Gee, I wonder why?
They selected Palin as VP to throw us conservatives a bone and keep us happy. Then they were shocked when she started drawing crowds larger then their secular messiah. Also shocked when McCain started polling ahead in polls that were biased by 6 to Obama. At that point, they went to the emergency backup plan. Financial collapse and McCain officially suspending his campaign. Now they are stuck in a conundrum with no way out, short of starting a major war or facilitating another major terrorist attack (McVeigh ex-military or Gorelicks Wall). The possibility that the DC Elites help to accelerate the economic collapse is probably why Paulsen apologized to the world today.
I agree that he was too complacent in avoiding this mess, however, I don’t buy that it was all his fault. Congress must carry equal blame for this and to me, they know/knew it and did nothing about it...or worse, wanted it to happen.
They knew the collapse was coming but the actions of such as Shumer and Paulson tell me that the collapse was triggered a couple of months earlier than it otherwise would have happened for obvious reasons.
Ping
Perfect. lol
I try not to worry my wife too much either. In fact she is already bent out of shape with Obama getting in that I spend quite a bit some time reasurring her that “it will be okay” to calm her down a bit. (And trying to convince MYSELF that it will be okay at the same time). On the other hand - we are in this together and we both need to work on cutting down on our spending, etc. She gets it to a degree, but not as much as I’d like.
The possibility that the DC Elites help to accelerate the economic collapse is probably why Paulsen apologized to the world today
http://www.cbsnews.com/video/watch/?id=4502673n
Interest on the debt alone is roughly 10% of the federal budget. There is no reason to believe that percentage will decrease any time soon, especially as the POTUS-elect promises substantial increases in spending, the “mortgage bailout” added another $1T in debt, etc. I see no meaningful attempt to pay off the principle, so the interest thereon as a percentage of federal budget can only go up - fast.
One twist: the gov’t won’t print more paper. They haven’t sped up the presses for a long time, and indications are they won’t (the US Mint is extremely proud of “we have NEVER devalued the Dollar!”). There’s only $1.5T of it anyway, far from the needed $80T. To solve it with printing would, of course, destroy the economy fast. They’re not that stupid - they’ll find a far more clever way to achieve the same result (collapse included).
I casually theorize they will follow the lead of decoupling the dollar from gold, and will decouple virtual dollars (which is what really flows thru the economy, with credit cards & bank balances & investment spreadsheets etc.) from physical dollars (which as I noted are far far fewer than perceived virtual dollars). Since most transactions use “plastic” or “online” dollars, decoupling those inconvenient paper dollars will be as easy as the stunt Nixon pulled.
Confidence will collapse anyway. The pyramid scheme can only go so far so fast. Those who see this coming don’t necessarily spread the word, even to SOs, lest the collapse come sooner. The list above says next February, which seems a bit soon but still viable.
Surely Congress has been briefed somehow. It’s a very viable sequence of events. Whether it happend as claimed above, we don’t know - but they must be aware of the possible sequence if something isn’t solved soon (hence the “bailout”). Consumer credit is next, and teetering wildly. In a panic, piling on the debt is easy (citizens and gov’t alike) - and leads to a crisis fast.
So ... we all owe >$80T, and are coughing up ~$200B/yr just to stay afloat. Allocating another 10% of the budget to principal, that should take ... um ... 400 years to pay it all off. Uh, let’s bump that to 50%, that’s ... um ... 80 years to just catch up on current debt. Yeah. We’re screwed. Maybe we should tell our wives after all.
It is not “his fault” that it happened. That was a Democrat operation but It IS his fault that the Bailout was initiated. That is the Keynes mentality. Nothing good can happen unless the government experts are making it happen. That bailout is turning a Panic of a couple of quarters to a year duration into a real live long-term Depression. By not fighting this crap from the beginning of his term Bush has given us Hussein O’Bama. I don’t really fault the CEOs. They saw that the government requirements were going to force them into bankruptcy so they said hey, anything goes now, get what you can for yourself. The crime is that they are being “made whole” at our expense, at the expense of the economy and of the freemarket system itself.
Glenn Beck said this morning that the US normally has about $800 billion dollars in circulation, recently (he may have said when?), they added an additional $2 trillion into circulation.
Looks like my property values will skyrocket at some point...I just hope I can afford the new property tax appraisals that will come on my zero mortgage (I owe no-one) homestead.
Allow me to make a suggestion to go with your seed packs. Send a one page instruction on to build a solid loam soil pack. Start the seeds in individual containers, INSIDE THE HOUSE to protect them from frost.
When you are growing food that you know you will need to feed the family, you MUST take extra precautions. Starting the seedling growths inside the house will allow the grower to gain an extra 60 - 90 days of the growing cycle.
Small Dixie cups with drip holes to larger Dixie cups to larger plastic bags to the outdoors.
Problem is, is if it’s dollars they won’t be worth a dam* thing. A days wages for a loaf of bread.
If you haven’t bought gold, silver etc. you are best to put some into flour, rice, powdered milk, instant coffee, tea, etc.
And in my case ...I am looking at heirloom veggie seeds. Enough to carry through winter in cans and then work that spring soil baby.
Newspaper seed starters. No need for the added expense of dixie cups. ;)
Lest we forget one thing: We all need water! Shop now for simple manual pumps that fit onto your submersible. They run about $500 but the work and they work well.
A friend in North Dakota got tired of playing around and attached her green house right onto the main house. An attic fan blows right into it and does a great job at preventing frost. She grows stuff all year long. Quite the greenthumb.
It sure looks like it is coming true.
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