"The Reaganomic Bush Economic Disaster won't easily be repaired".
When you follow a parade of sick elephants, there's gonna be a BIG mess to clean up.
Posted by TIKI AL at April 29, 2009 10:56 AMThe herd of Americans apparently think that we will "recover" from the Great Repub Recession as we have recovered from all previous ones---with a return to credit based overconsumption, residential suburban real estate booms, cheap motoring and gub'mint spending, especially on more useless weapons systems.
Well, I don't think that's going to happen this time.
The private sector--the "consumer"--is massively in debt, and the banks are insolvent. There isn't going to be a new credit explosion, there's no basis to give the schmoes all their $10,000 cards back---they'll be paying their current card debt off for years, with their underwater mortgages. No more house as ATM machine, ever.
The wall street boys "securitization of everything" scheme has been cut off as well, so there's nowhere near the incentive for the "finance industry" to generate masses of worthless consumer debt for new investment "products". And most workers modest, never increasing salaries can't really afford even $200,000 houses. So the big driver of our fake economy---"finance"--has been crippled for the relevant time period.
The Fed and Treasury have promised so many bailouts of the Too Big To Fail bank-boys that all our resources will go to keeping them afloat in their ocean of debt. They'll post fake "profits" for years, as zombie companies that have no financial wherewithal, as the national debt grows.
Gub'mint can't borrow without limit, so something will have to give---hence the first overtures of ceasing to piss ever more money down the militarist rathole. While overall "defense" spending will (still) increase, the first steps are being proposed to stop the corporate "military goods" welfare system. This is inevitable if we are to survive as an economy but will make for more job dislocation all over the country. This will be the Repubs next "wedge issue", as most Americans don't have the slightest desire not to be the "Greatest" Military Power on Earth.
And of course all but forgotten is the energy disaster and the climate imperative. The slightest global return "back" from 6% annual GNP contractions will result in increases in oil prices, and we'll be back at $150/barrel oil long before we ever dig ourselves out of the Bushco credit hole.
The era of cheap energy is over, the "free market" just hasn't recognized it yet. All while GM keeps hawking its nationwide garage sale of the worst lineup of gas guzzling SUVs and Monster Pickups ever imagined. GM won't even be in the Big Four.
The people are unprepared for the energy reality, with the idiotic Torture Party screaming Drill! Baby! Drill! as a "solution" just 6 months ago, with the corporate press turning the volume up and the Dems afraid to open their mouths about reality. What this means for the climate can't even be uttered.
And the mongrels who caused it all, the conservative GOoPs, will howl and yowl and screech and think they'll "benefit" from the mountainous pile of reeking shit they have foisted on the country during their catastrophic 30 years of Do Nothing Deregulating Doofery. Well, they better start creating their "Big Daddy for the Fatherland" fuhrer model now, because that's where this conservative-generated meltdown is logically headed.
If Obama somehow heads this off and starts the country on a sustainable path, he's the greatest president ever.
Posted by euzoius at April 29, 2009 10:56 AMAll that stuff gave me a headache, oozo.
Do you know where I can get a signed picture of Air Force 1 dry-strafing the Statue of Liberty?
Posted by TIKI AL at April 29, 2009 11:10 AMeuz, easy on the coffee
Posted by T2 at April 29, 2009 11:17 AMEuz, keeps his faith with his hatred there. Fails to see that much of his rant comes from the 90's when everything swelled so big for everyone. Yeah, the Clinton's and the Republican Congress gave us a surplus, a balanced budget. If anything, George W. didn't hold that Congress in as they tried to act like Democrats, promising everything to all peoples. Swelling the earmark programs to where they are now...it's only a little money. But 'little' adds up and soon we're all in a hole.
The one seemingly bright spot in that 6.1 number seems to be consumer spending is showing some expansion, that and inventories are far enough down to cause companies to start producing again. But, the down side is that all these banks we've been helping are now socking it to us with increased interest rates. "Changing" the terms of our credit agreements along the way.
What will happen when all this spending by the all Democratic Gub'mint somes to root. Hyperinflation is something to be feared. Yet, these Democrats are spending like a drunken sailor, apologies to any sailors out there. Printing money like its going out of style.
Posted by peter at April 30, 2009 09:18 AManother prize winning "bucket of crap" from the original fascists shit eater petie..
you stating Euz is hateful is another of your "pot calling the kettle black" moments, asshole...
Then you top it off with an extremely(as always)ignorant attempt to "evaluate" or "critique" the criminal cult puke led economic meltdown...
ladies and gentleman it's shit-fer-brains pete here to peddle another installment of right wing talking points propaganda, sponsored by the puke criminal cult of his fellow liars and asswipes...
Posted by headxray at April 30, 2009 01:15 PM