Tnanks for the update. It's the same story (more or less) all over BushAmerica---Exurban Ghostworlds, sitting on once productive farmland. The diversion of resources to these worthless "homes" (miles and miles from anywhere) is simply staggering. The last wealth of BushAmerica, flushed down the crapper.
And now that the inconceivable losses are mounting (and exploding), the Wall Street Boys are makin' sure THEY'RE not the ones holding the reeking bag of shit---both parties are quietly ensuring that the Treasury ends up bearing all the losses, so the idiot taxpayer pays for this almost all of this unbelievable financial scandal.
The only question the finance people are scratching their heads over is who exactly is going to buy the Treasury bonds to take over all this debt and bail out the banks and investment banks.
Perhaps the Fed will just print money---double digit inflation doesn't hurt the rich anywhere near as bad as the middle class and "lower". Plus, if that's the "price" for gettin' your ass bailed out of a trillion of losses, you'll be quite happy to deal with it.
We are complete lemmings to allow the elites to bail Wall Street and the wealthy out of this one----this will make McLiar's S&L scandal look like dealing with a failed dry cleaning store. But one would need at least ONE person in Congress to start talking about this giveaway for the rich, and we don't have even that.
Posted by euzoius at July 6, 2008 06:17 PMoozo, you speak with strait tongue.
I would like to add that 25% of possible voters actually pull the lever. So 13% can decide for everyone.
And I doubt the 13% is legit.
Bottom line, the 75% low info non voting peeps get what they deserve.
In the meantime, help your neighborhood, pull a repo weed.
Posted by TIKI AL at July 6, 2008 07:05 PMBut, but...
nobody could have foreseen that gas would be $4 a gallon!!
Especially the dxxxhead developers who saw big profits in this kind of development. And the bankers who loaned them the construction money.
Posted by swoosh at July 6, 2008 07:39 PMHere's a stupid question. Do Republicans really grow the economy during their years in office. Or is it really phony growth built upon deception, like the Housing bubble. Because when Regan left office we had the S&L debacle..and the Resolution Trust Corp. And look what we have 20 yrs later..almost the same thing.
Posted by a4L at July 6, 2008 09:09 PM...maybe they all fled east, running from the dustbowl, to a better life in Oklahoma....they could also watch the Super Sonics...
Posted by Tim at July 7, 2008 02:36 AMdouble digit inflation doesn't hurt the rich anywhere near as bad as the middle class and "lower".
Well, true, but the rich fear inflation far more than they fear recession. While the rich like to brag that they are "risk takers" in fact the vast majority are highly risk averse. Their nest eggs tend to go into safer funds that survive recessions (and of course there is no risk of unemployment for them), but inflation can really hurt them. Worse, while you can hedge investments against severe market downturns, there is no hedge for high inflation (it's been 29 years since gold hit $800 in the mistaken belief that it was an inflation hedge -- the nominal price still hasn't recovered).
This is why the Republicans under Hoover worsened the Great Depression. They tightened the money supply due to inflation fears, thus worsening the economy.
Posted by Anonny at July 7, 2008 08:10 AMfled east, running from the dustbowl, to a better life in Oklahoma
Hope they like all of the minimum wage jobs here.
Here's a stupid question. Do Republicans really grow the economy during their years in office.
No, not a stupid question. No, republi-cons do not grow the economy as much as Democrats. Add in republi-con deficit spending and the economy shrinks under them. The infrastructure in the United States is crumbling because of them. It's a bit like expecting the Vikings to come in and rape and pillage and the outcome to be an economic boom for the raped instead of the Vikings. Just looking at the stock market, it always performs much much better under dems.
Posted by phidipides at July 7, 2008 08:12 AMEven if the ReThugs do grow the economy, more and more of the profits from increased labor productivity go to the korporations and not to the workers. That is part of the reason why people's real income is declining.
Bush, the reverse Midas.
Posted by Gay Veteran at July 7, 2008 09:42 AM