What, another month or two?
Another year or two?
Another decade or two?
It just goes on, and on, and on, and on, with no end in sight.
Why?
Because the government tried to get in the way of the free market and bail everyone out, instead of letting the market do its thing. We could have had a V or a U, but instead we'll have an L.
L's suck.
Just ask Japan.
Posts
33 comments:
over?
it hasn't even begun yet...
it begins when you can't get gas at any price.
No, I'm hoping this crisis keeps crashing off its cliff. This is better then any disaster movie. When I pick up the paper the first stories I read are of debtors losing their homes, hedge funds collapsing, and genius stock analysts saying the stock market doesn't know what it's doing.
The next entity I want to see fail is the Fed. When the Fed fails, that's when the rebuilding can start. The Fed is the most evil and manipulative organizations in this country. They started this crisis, encouraged it, and now are rewarding those who gained the most from it?
Mother F'er!! This needs to get worse before it gets better!
Asshole, Jerkoff, Incompetent.
Censure and Remove this sonofabitch traitor. WORST EVER
Bush: 'I'm sorry' about economic crisis
By Deb Riechmann
Associated Press
Posted: 12/01/2008 10:23:47 AM PST
WASHINGTON — President George W. Bush expressed remorse that the global financial crisis has cost jobs and harmed retirement accounts and said he'll back more government intervention if needed to ease the recession.
"I'm sorry it's happening, of course," Bush said in a wide-ranging interview with ABC's "World News," which was airing today. "Obviously I don't like the idea of people losing jobs, or being worried about their 401(k)s. On the other hand, the American people got to know that we will safeguard the system. I mean, we're in. And if we need to be in more, we will."
The U.S. economy fell into a recession in December 2007, the National Bureau of Economic Research reported today. Many economists believe the current downturn will last until the middle of 2009 and will be the most severe slump since the 1981-82 recession.
Bush said he felt responsible for the economic downturn because it's occurring on his watch, but he added: "I think when the history of this period is written, people will realize a lot of the decisions that were made on Wall Street took place over a decade or so" before he became president.
He said he would like to see "instant liquidity" in the markets given the extent of the financial rescue plan, yet he understands that fear has paralyzed the markets.
"It is hard for the average citizen to understand how frozen the system became and how over-leveraged the system became," Bush said. "And so what we're watching is the de-leveraging of our financial markets, which is obviously affecting the growth of the economy."
Last week, the Bush administration and the Federal Reserve pledged $800 billion to break through blockades on credit cards, auto loans, mortgages and other borrowing. The latest moves raised U.S. commitments to contain the financial crisis to nearly $7 trillion — though no one thinks the government will actually spend that much.
The figures include loans that are expected to be repaid, loan authorities to back mortgages, purchases of stock in banks, guarantees to support loans among banks and pledges backing other transactions.
"This economy will recover," Bush said in the interview conducted last Wednesday at the Camp David, Md., presidential retreat. "And when it recovers, many of the assets backed by the government now will be redeemed, and we will — could conceivably — make money off of some of the holdings."
Later in the interview, he said: "I can't guarantee that we'll get all our money back, but it's conceivable we could."
Bushco. What a revolving asshole like the world has never seen before. Maybe he should take up being a drunk again. Maybe he would be less dangerous that way.
Doubtful. Idiot.
Nobody understands what the free market means any more. Central bank, economic inflationary centrally planned Keynesianism has infected the minds of the so called "economic" experts.
All you hear from them is how we need to "stimulate" the economy more, save the auto-makers, how we need to encourage lending, how we need to "kickstart" the economy.
All of these "economic experts" that were calling the "Goldilocks economy" and the "new paradigm" of Ponzi finance.
The average moron on the street has no understanding of free markets and how free market capitalism made America the wealthiest nation on the planet.
No these clowns will blame the free market when it was government intervention that caused the credit crisis, meltdown and housing bubble.
The "experts" and main street morons will beg and plead for the same criminals that caused the problem to save them. Such leaders and experts like Bernanke, Paulson and now Obama and Volker.
The consensus today is that the government can and has an obligation to stimulate and save the economy. It is the economics of the free lunch or the perpetual motion machine.
There is one excellent, concise and timeless classic that should be required reading by every individual:
Economics in One Lesson by Henry Hazlitt
Of course, nobody reads any more but if they did these CNBC, Federal Reserve, Nobel prize winning assclowns would be a laughing stock.
Class is in session:
There is a big difference between Japan and the US. They saved 20+Trillion and refused to spend during the "Lost Decade".
Fat Americanos are not capable of saving, they will spend every dime that comes in. Outcome will be different.
Class dismissed.
"Bushco. What a revolving asshole like the world has never seen before. Maybe he should take up being a drunk again. Maybe he would be less dangerous that way."
The more Bush acts like a democrat the more you democrats hate him. I don't get it. And if you think this is bad then wait until Obama throws a twin turbo charger on these policies and throws more money at it.
"And when it recovers, many of the assets backed by the government now will be redeemed, and we will — could conceivably — make money off of some of the holdings."
I really hate this argument so many a-hole genius economists make for justifying the trillions of dollars in bail outs. The genius economists are saying it so Bush believes it, F you Bush.
Is this what taxes are for, to bail out companies that looted shareholders?
There's a huge opportunity cost associated with these loans.
First the loans may never be paid back. Second those that are paid back may take years or decades.
I don't want that money locked up in loans for idiot corporations and homedebtors. I want that money active, for things like free college, universal health care, and to get our infrastructure out of the 1970's.
I want the whole thing to crash and burn and cause huge hurt. It's the only way to teach the idiot sheeple anything. Otherwise they'll just go on being fat, lazy, spoiled, uneducated, and undisciplined morons.
Because the government tried to get in the way of the free market and bail everyone out, instead of letting the market do its thing.
so then why didn't you do the right thing and write in ron pauls name on your ballot?
let me guess, you were like everyone else who said "if i vote for ron paul, i'll be taking a vote away from mccain/obama and the other guy will win".
pathetic and either way you look at it, hypocritical.
The more Bush acts like a democrat the more you democrats hate him. I don't get it. And if you think this is bad then wait until Obama throws a twin turbo charger on these policies and throws more money at it.
When will we grow up and drop this phony left/right paradigm?
There is no real difference between the two parties. Isn't it obvious by now?
I listened to the Messiah's address to the public this morning and I couldn't get over how much he sounded like Bush. The same old talk about terrorism being the greatest threat to mankind and then the same old talk about how "global warming" (or is it "climate change" or "global cooling" this week) is the greatest threat to mankind.
When will you people realize that neither party obeys the Constitution or even represents your most basic interests as an American citizen.
How many of you really think terrorism is the greatest threat to America when we have an out of control executive branch blowing trillions of taxpayers dollars on bailouts and stimulants?
Yeah, I think this crisis will play out for years and it will challenge us all. Personally, I am paying attention, but also trying to move on with my life and appreciate all the positives (health, my family, yada yada). I've got three kids to raise. I don't want this to be a lost decade for them.
The amazing thing to me is that people I talk to in the REIC and HMIC think the worst is over and that it's already "a great time to buy".
Gee, that was an awfully short housing bubble collapse. According to the REIC and HMIC it had a duration of approximately one week.
Bwahahahahaha!!
I've got three kids to raise. I don't want this to be a lost decade for them.
Don't worry. The forced labor camps will keep them plenty busy.
anon December 1, 2008 7:18 PM:
yup, Keith fell for the 2 party hustle like most
http://www.dailyreckoning.com/Writers/MogamboGuru.html
The Mogambo Guru said:
Laying there on the floor clutching at my heart and waiting for the emergency squad to get here, I was laughing and choking up blood at the irony of American taxpayers "loaning" $7.4 trillion dollars - half of GDP - when the problem is that American taxpayers are already up to their ears in debt and can't make the payments as it is; and American corporations are up to their ears in debt, and all the federal, state and local governments are up to their ears in debt, which is actually good news because with their ears still above the congealed mess, they can hear me laughing at them, mocking them, and saying, "Welcome to the hell you rightfully deserve, you halfwit lowlife morons! Hahahaha!"
I wipe the tears of laughter from my eyes and ask, "Seeing the way the government steals the buying power of the currency, the confiscation of taxes, and now seeing what appears to be outright theft, you STILL say I'm wrong about gold? Hahaha!"
I'm starting to wonder if Roccman wasn't right all along.
The guy is like a broken record, he posts the same message over and over again. He is a 1-trick pony whose only theme is that we are all going to die.
You read his comments and you usually chuckle a little and dismiss them as wildly pessimistic, as impossible. But isn't that exactly the reaction all our frustrating sheeple friends had to us when we told them about the housing bubble?
Will Roccman be the one, in the end, to have nailed this whole crisis right on the head?
"Lady Di said...
I've got three kids to raise. I don't want this to be a lost decade for them.
December 1, 2008 7:38 PM"
Too Late. I hope they are strong and healthy. We will need them paying taxes forever for the Granite, Stainless and $10 Bil/mo phony war and ponzi bailout years now in progress.
You're Welcome.
"taxpayers are already up to their ears in debt and can't make the payments as it is; and American corporations are up to their ears in debt, and all the federal, state and local governments are up to their ears in debt"
Right. I think this crisis is about way more then the housing crash which was the catalyst for this whole debacle. We're all so tapped out on credit; governments, businesses, homedebetors, that we have almost no cushion left. We are simply paying the interest and that's even stretching it.
over?
it hasn't even begun yet...
it begins when you can't get gas at any price.
I am afraid Roccman is going to be very right. This temporary price drop is not going to help either, as many drilling projects are being shelved, and the possibility of the Dems banning offshore drilling once they come back in January. No disrespect Roccman, I just hope you're wrong.
"I've got three kids to raise. I don't want this to be a lost decade for them."
"Don't worry. The forced labor camps will keep them plenty busy."
"Too Late. I hope they are strong and healthy. We will need them paying taxes forever for the Granite, Stainless and $10 Bil/mo phony war and ponzi bailout years now in progress."
-------------------------------
Here's my plan to save my kids from enslavement -tell me it's not a great one:
My husband's family owns olive and wine vineyards in Greece where probably the best olive oil you will ever taste is made. The wine on the other hand is horrible. What can I say, Greeks aren't known for their wine.
When the SHTF here, we all bug out by boat if that what it takes (with my gold coins of course), learn how to manage the vineyards, barter olives and grapes for Feta and bread (so we can eat a well balanced diet) and say Buh Bye to the US.
I hope it doesn't get to that point. But if it does, I'm feeling good about my plan.
What's yours?
Well, I think first we have to ring out all the excess. I was watching the news on TV (rare for me) and they were doing the obligatory Thankgiving segment about food pantries. EVERY SINGLE person getting food was fat...most were obese. I'm all for feeding the hungry (and in fact donate food), but free food for the obese is obscene in a way.
Paul E. Math said...
I'm starting to wonder if Roccman wasn't right all along....
Will Roccman be the one, in the end, to have nailed this whole crisis right on the head?
Roccman may have nailed it, but Nick created it. BWHAHAHAHA
:-)
Just wait till california implodes! They are gonna go down, baby! In FLAMES!!! CA BK within 1 year!
Wind Farmer said...
Well, I think first we have to ring out all the excess. I was watching the news on TV (rare for me) and they were doing the obligatory Thankgiving segment about food pantries. EVERY SINGLE person getting food was fat...most were obese. I'm all for feeding the hungry (and in fact donate food), but free food for the obese is obscene in a way.
No soup for you!!!!!
The economic crisis will be over when debt is under control. Period. There's only one way to get debt under control - pay it off. Right now, we're still trying to shift it from one place to another (people to banks to brokerage firms to governments). It's society's equivalent to paying off the visa with the mastercard, then paying that off with the amex.
So everyone out there - people, companies, governments, pay off your debts. When debt ratios are under control, the economy can start to grow again.
Rebuilding Infrastructure,
Now (re)building energy infrastructure with public funds is actually a good investment and a step in the right direction.
But what's going to happen is that they/gubermint is going to build a bunch of bridges to nowhere. Peak oil is just behind us with output dropping rapidly due to a lack of investment @ $50/barrel. Alternatives are on ice as well due to the double whammy of credit crunch and cheap oil. Give it a couple of years and gas will be back @ $5 including rationing. I am sure by then those bridges will come in really handy, if you have a bicycle.
This is the end of an era. We will never recover to where things were just 6 month ago. Our currency will imploe along with the banking system. Peak oil will hit us hard, unemployment will be at 15-20% and retirement....well, that's going to be a place in line at the soup kitchen and a free bed to sleep in at the shelter.
Medicare? Take an Aspirin and don't you dare to call me in the morning or any other time.
Enjoy!
It will be over/at the bottom when the core cause, housing, hits a cost level that is sustainable with current incomes.
Nothing that is done with the banks or stimulus or bailouts can change this. They may delay it for a period, but it will come back to house to income levels.
"When the SHTF here, we all bug out by boat if that what it takes (with my gold coins of course), learn how to manage the vineyards, barter olives and grapes for Feta and bread (so we can eat a well balanced diet) and say Buh Bye to the US."
I know this is useless, but I have some questions:
1) What is it about a boat? Do you think you will row or sail across the ocean on your own?
2) When the SHTF here, why will it not hit in Greece? Why would your husband's relatives welcome you when they will be starving too?
3) Your husband's relatives will let you all manage their vineyards? Isn't that a little delusional? Don't you mean "work in"?
4) If the SHTF in Greece too, don't you think people will have better things to barter for than olives and grapes? Like meat and cheese?
Here's my take on it: why don't you get out now while the getting is good? That way you will already be established at your husband's family's vineyards and they just might care enough to not throw you out. Otherwise you might end up in line with every other relative who can't provide for themselves.
It can't be over! It must never be over! Forever discredited: bankers, realtors, investors, the government.
Isn't that what we all want? Don't we want all forms of wealth to disappear so that we are all on the same page, with nothing? There will be no more incentive to steal or screw people.
Makes sense to me.
YES!. . .I can't stand it anymore - I am just taking drugs and listening to trance music - this week Armin van Buuren - great new CD - Imagine - heard some cuts in Europe last summer. . .I am so FUCKING sick of the financial meltdown - we have been following it for going on 3 years, and I work two years ahead. . .so I am in "recovery" mode already.
Lady Di said: …Here's my plan to save my kids from enslavement -tell me it's not a great one:..My husband's family owns olive and wine vineyards in Greece…The wine ..is horrible… When the SHTF here..learn how to manage the vineyards, barter olives and grapes for Feta and bread.. and say Buh Bye to the US….I hope it doesn't get to that point. But if it does, I'm feeling good about my plan. What's yours?
_____
My plan -(1) Cut down on consumption of olives, which is now nil. – easy, check. (2) make my own bread – easy, check. (3) Continue to buy cheap wine from my local ABC Liquor or Publix Grocery, even if I have to buy the “boxed” variety - done, check.
Now, what is your REVISED plan?
It will be over after we have culled the global population to under 2 bil.
Open season on useless eaters commences 01/23/2009.
Def: "useless eater" a human who produces nothing of value and consumes raw materials at the government's expense to breed/exist.
Another day, another 600 points off the Dow. It brings me joy to see the same people who created this mess lose so much imagined value in one day. My goal is to see the Dow hit 2000.
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