Prosperity built on debt felt good at the time, but it was not sustainable.
The carefree trips to Best Buy on the HELOC or Capital One credit card are over.
Comfortable and secure retirements will not be possible.
Jobs will never be secure.
Everything has changed.
And it will not be going back to normal, because of the magnitude of what they have done.
So what stage are you in?
And in what stage are your countrymen?
Posts
59 comments:
Yes, I'm hearing a certain amount of "I'll work until I'm 90", "I don't want to think about it" - hmmm, sounds like past denial.
A friend asked coworkers what they would do if they got laid off, and everyone said "apply for a new job"...
Keith, many thanks for our great blog. It is truly a great resource.
Very few if any really know how different the future will be from what their dreams were as recently as a year ago. I work for the major defense contractor and almost no one is retiring or planning to do so, whereas many would have had their 401k not been decimated. Many say they will be working many more years. Social deterioration is hitting this (Atlanta) area hard already and it is just the beginning, yet only a very few have any concept of what is underway. Disaster is unfolding.
I am in the same stage I was in before the crash...Common sense mode.
However there are dreams turning to ashes all around me such as the $1M/per lot golf course development down the street that flew in buyers who thought the party would never end by helicopter so they could view the acreage from above...The bankruptcy proceedings are scheduled for March...
Ashes...Ashes...The speculators burn down.
Personally, I think I've reached anger. Just judging from my punctuation lately. I didn't used to use exclamation marks.
But americans are moving through the stages very very slowly.
Where is the "whistling past the graveyard" stage? That's where most people are right now.
I think they're all feeling the fear creep up on them, as they have for over a year now, but then they go eat some ice cream or potato chips and feel much better.
The realization that 25 years of savings, pumping up a 401, skipping vacations, driving cheap american cars has been a mounumental failure, SUCKS. Especially considering I'm now as poor as the ahole that borrowed his way through life. My $800k looks the same as joey jackasses $500k debt. A big fat goose egg.
I planned for retiring without social security and now that's all I have.
I'm somewhere between Understanding and Acceptance. I understand where I think we are headed but I still have a glimmer of hope that we will come out of this down the road. Call that my American Spirit. I'm not ready to accept yet what I think our fate is likely to be, although I'm fairly confident of what it is.
I think you need to add an Unaware milestone to the chart. I think most people just don't have the education, knowledge, or awareness of what's going on to place themselves on the chart. Yes, they know things are bad now but they don't really understand the global economic infrastructural shifts taking place that make it difficult for America to come back as it once was. And they don't understand what has been going on since the 80's where we have lived in three different bubble economies: the 80's Greed is Good Bubble, the mid to late 90's Dot Com Bubble, and the 2000's Real Estate Bubble. These three bubbles have driven our economy - up and down - for the past 25 years and now we've run out of them.
Sure, some folks do see what's going on, but most of the people - even well educated ones - just don't get it. It has nothing to do with denial...they just don't understand enough to be anything but clueless.
And those that do have some understanding are in the denial phase...mostly because they are home owners or home debters and they don't want to face up to reality of their homes not being their cash cushion in retirement.
This is sad, of course. But for Sashers - who are ahead of the curve - we can get a jump on things by protecting ourselves financially and positioning ourselves for the future so that we can take advantage of whatever opportunities present themselves before those behind us even see them.
I guess I thought this was comming for some time so I never bought into the illusion. I have always lived my life one day at a time with an eye toward the future but not one foot in the grave. People are happiest when they are relaxed AND productive. Retirement is a stupid idea that keeps you from living where you are in time. Kind of like the stupid idea of life after death where we justify suffering in this life because the next is better.
We WILL get through this.
We WILL do well if we keep our heads.
We WILL do better if we love our neighbor.
Bullshit stocks, bullshit religion, bullshit houses, bullshit cars, bullshit high pressure jobs, bullshit high maitenence spouses, bullshit bad sex, bullshit spolied kids, bullshit convienient deb, and fat dumb and stupid is no way to go through life.
Learn how to cook for god's sake and go for a hike.
Open Your Eyes
DP
Especially considering I'm now as poor as the ahole that borrowed his way through life.
That would be me -- and the nice cars and vacations were fun. And I have a garage full of paid off toys that I someday may barter for food. Actually, I have almost no debt and 3 year's reserve in cash. But I'm also too old to replace those savings if I have to spend it to survive the next few years.
The typical American has no clue what's coming. Although I'm not convinced it's coming for another 10 years. I believe they'll pry in a couple more cards to hold up the teetering stack and by next year things will look better. And with the press cheerleadng, Obama will be a f*king hero. Despite loosing our Hummers, life will continue, and Barak will kick the can to the Clinton Restoration in 2012.
Obama is bailing out "responsible" homedebtors who took out equity loans for breast augmentation and trips to Hawaii. I am curious how the Plastic Surgeons are doing now that all of the exurban housewives have run out of "fun" money. Thank you Allen Greenspan.
Al-Queefer said:
“Have Americans, with their housing and stock wealth destroyed, their future incomes in doubt, accepted the fact that it will never be the same again?”
Lets unspin.
“Have Eurotards, with their facade and fake wealth destroyed, their future in a permanent downward spiral, accepted the fact that it will never be the same again?”
We’re not saying America is all rosy, but singling us out when there is a pile of poop right in your backyard is unfair.
Prospective - I'm an American and I write this blog for Americans, even though I don't live there
Trust me, they are F*CKED over here. And when I mean f*cked, I mean F*CKED.
Especially central and eastern europe, and also Spain, UK and Ireland.
F*CKED.
Their bubble was worse than the US, they have on a country by country basis significantly less reserves to fight the problem, and their governments are even MORE incompetent than ours. And the debt levels people were carrying are staggering.
I don't see a way out except for massive defaults and bankruptcies.
That said, irrational hatred of Europeans is stupid. Getting that from fox news? When all goes to sh*t, turn to someone to hate?
How many people have ballon payments that will soon be coming due? Many times they are due in five years. The idea is to refinance and to pay it off. This is not going to happen -- many jumbo loans with a second piggyback are financed this way. I just saw a video about a guy selling his cave house, because he can't pay the ballon payment.
Well Sashers, I think this economic downturn will be bad. But for us, those who saved their hard earned money, we will come out ahead. We will enter into a huge deflationary depression. Asset prices will come crashing down. I know a lot of you believe there will be hyperinflation, but for more detailed reasons why we will go through a deflation, go to Mish Shedlock's blog.
I looked up bank owned properties and my God, in some decent neighborhoods, a 3 bedroom-two bath brick bungalow that sold for 439K is now going for 179K! And the deals will continue to come. Remember, we are in the bottom of the 2nd inning! Finally I feel that the money I saved, saved and saved will mean something. The government is trying to do all they can to stop the deflation train from leaving the station; but the train has already left and it is gaining steam!
Especially considering I'm now as poor as the ahole that borrowed his way through life.
There is no income tax on borrowed money, so that guy probably had more spending power than you did. I hope that you feel better.
The government officials of the US are now puppets of corrupt international bankers.
The international bankers are methodically destroying the economies of every nation in the world.
A global government controlled by a few elite international bankers is nearly complete.
In spite of the fact President Obama is helping his criminal political and banking cronies steal what's left of the US treasury, most people are still living in complete denial as they shout their vain, repetitious mantras:
CHANGE YOU CAN BELIEVE IN!
YES WE CAN!
The decoy animal has led his flock into the corral and the next stop will be the slaughterhouse.
P.T.
First they ignore you, then they ridicule you, then they fight you, and then you win.
As events develop we’re beginning to see glimpses of what the other side may look like.
THE NEOCONS WERE RIGHT ALL ALONG.
The *UN, although created with good intentions turned out an evil organization.
The Neocons, although ahead of their times turned out to be a life loving forward moving idea.
The UN = essentially chocolate covered parasites.
The Neocon = evolution in progress
* The so-called ‘international community’ NPR, the BBC and all those who support death with soft words.
I am collectively UNDERSTANDING, ACCEPTING, and MOVING ON.
I continue to read and try to understand domestic and global issues, continue to accept that things will be different, and I am moving on by preparing and positioning myself for the future reality.
And now a message from somehow who took heed and refused to buy a house when "Suzanne" was urging us to do so. Someone, who took to heart what Keith and others starting pointing out as early as 2002. Someone who read Doug Casey's September 2007 sermon called "Preparing For Crisis" that got it just about right except for the dollar's demise(which is no doubt coming.)Someone who kept most of their money on the sidelines, traded in and out when the opportunity presented itself, and didn't leave their money management up to a financial "advisor." Someone who read the Daily Reckoning and bought a slug of gold in 2005 and forgot about it.
I raise my glass and tip my hat to my fellow travelors.
Our 4 stages began with fear(of market collapse), resentment(of HELOC sucking, house appreciating braggarts),schadenfruede(when the conversation went from how much money people made on their house appreciation to lamenting their "201ks" and loss in home value) to dare I say empathy for some(not all) of those people who drank the REIT koolaid and made a terrible decision to buy a house that will haunt them for many years to come.
I am personnally at the acceptance stage. I never felt denial, fear or depression. I went from shock, around October '01 when GMAC had those stupid "keep america rollin" ads and offered 0% for 60 months, to anger pretty quickly.
Back to those ads because I don't think I ever read anyone really talk about it. How sick is it that GM tried to capitalize on that situation, given what happened? See, I am jaded and I never saw it as they were trying to boost anything. I see it as they were trying to make a buck off one of the most tragic events in our history. But thats just me.
As for most people in America, fear may be starting to creep in. But the overwhelming majority still have Obama lust. Seriously, most people I talk to still think he will fix this and we will bounce right back. IDIOTS!
The fear, despondency, etc you have been looking for and calling is still a ways off I fear. I think those calls of a 5000-6000 dow may be right on the money. As soon as that happens, the Obama lust is gone, the public is calling him an incompetent boob and they have nothing left in their 401k's. Thats when they will finally get to where most here on this blog are already at. REALITY!
i've had it said...
I think you need to add an Unaware milestone to the chart.
--------------------------
I think the chart needs a "confused" milestone. People I know are still repeating the same ol same ol. But, there are enough people paying attention now that the clueless aren't getting that same feedback fix.
I think "confused" should come right after denial. As in "things always work themselves out in America", or "This is America, how can this be happening?", or "THEY will fix it, THEY always do".
That is where we are. Confused.
"...Yes, they know things are bad now..."
here in NYC at center of wall street its at a fear stage. fear of 401k, fear of house price, fear of divorces as money has run out, fear of lack of bonus, but its happening in stages......only fear
"Have Americans, with their housing and stock wealth destroyed, their future incomes in doubt, accepted the fact that it will never be the same again?"
Ask me again when Sir Stanton and Bernie Madoff are behind bars....oh, and that Angelo Mozillo fellow too. It will be different when the mega-rich finally do time for their crimes.
Keefer said:
‘That said, irrational hatred of Europeans is stupid. Getting that from fox news? When all goes to sh*t, turn to someone to hate?’
The hate towards Europe is healthy and rational.
If the Europeans had been a people who work hard, focus on making their future better etc. then you would be right.
But the fact is that Europe has actively undermined the US and progress in general on every level.
From economics by creating government companies to compete with our free market economy, and uber-regulating products created by our innovative entropeneurs.
To politics by systematically providing support to everyone who is out to hurt us.
Its sad but no real good comes out of Europe.
No country or people can say these words ‘ thank you Europe for helping’ aside from Hamas.
When any major human disaster occurs it’s the USA that comes to the rescue, each time despite difficulties and challenges from Europe.
We know Europe will not be there to help us out of the current situation.
We know Europe will throw a wrench in every step of the way.
So unlike other peoples like Japanese, Chinese, Indians and Africans, who may not be of much help, Europe will be there on time to assure pain in subtle ways.
And please do not invalidate me by claiming I cant think on my own and need Fox news for my ideas.
I am merely observing and expressing my thoughts.
Over all I think you’re a great guy with an awesome blog, and i appreciate you acknowledging my comment.
Paige Turner;
Names please, or shut up
OK are we all done with lets sell the working man into slavery so we elites (edjecated) can retire at 45 on our housing/stock ponzi wealth. You f*cking greedy globalist fools. This is where the fun begins. All you sleazebags are afraid you may have to live the life honest working class folk have always lived. A bunch of retarded moneys sitting at their computors marveling at their intellegence and wealth. I will not feel sorry for you nasty little f*cks. To all the good folk out there good luck and god bless. And ya you sleazebags it was all a ponzi scheme. You don't get somethin for nothin.
Trying to move forward (I've got 3 kids to raise and don't want this to be a lost decade for them. I think I've mentioned it here before.) But, I find myself briefly set back every time Obama opens his mouth and announces another retarded "recovery" plan.
Retirement is a stupid idea that keeps you from living where you are in time. Kind of like the stupid idea of life after death where we justify suffering in this life because the next is better.
That is an interesting way of putting it. I've often caught myself working crazy overtime saying, it'll all be worth it and I can do what I want when I retire.
Sorry for the Off Topic, but there hasn't been an open thread for a while...
This interview with the Wolfman is pure gold!
http://www.nbcchicago.com/news/business/_Wolfman__Howls_About_Santelli_Rant_Chicago.html
"That said, irrational hatred of Europeans is stupid. Getting that from fox news? When all goes to sh*t, turn to someone to hate?"
Got to hate somebody for one self's demise. Some of the homers visiting this board are too stupid to figure out that it certainly isn't Europe's or any foreign entity that is responsible for this crises. This thing is 100% home grown.
Take this tool for example:
"Its sad but no real good comes out of Europe."
Fact is that Germany exported more goods than China. Heavy industry, cars, chemicals. How about that for "real goods" versus fake goods such as toxic investments?
then the fool goes on:
"But the fact is that Europe has actively undermined the US and progress in general on every level."
Not everybody is into blowing up and invading other countries. I wouldn't call it progress either.
"No country or people can say these words ‘ thank you Europe for helping’ aside from Hamas."
I am sure the Iraqis are thankful that we laid waste to their country and create total chaos over there.
"I am merely observing and expressing my thoughts."
You are observing your thoughts? Better get back on your medication and keep an eye on those thoughts of yours.
But...but...but... you told us on your other blog that Barry was gonna usher in HOPE and CHANGE we can BELIEVE IN.
Barry O'Bama turned the George Bush Recession into the Barack Obama Depression. Some more cash for the crooks from Turbo Tax Tim and other Team Obama stumblers?
Hey you guys need to cheer up.
I think I know what will fix what ails ya'!
All's we need is a good old fashioned World War!
C'mawn, it'll be grand and you'll all git what you want:
Eurotards will get crushed into dirt and rubble, that'll shut their latte-drinking mouths up for a good 30 years at least.
The economy will roar back! Unemployment? What's that? Rosie the riveter will be sweatin' and buildin' to keep our boys (and girls and gender neutral and people of color) safe.
The country will unite like the gool ol' days, when America reflected its true heart and strength.....and whiteness....
All the people of color get to do their part and die like whitey on the battlefield, prove their contribution and make their people proud!
Canada will shut the hell up for a while as their boys (and girls and gender neutral and people of color) get torn to shreds along with us.
Bukko and the Australians will join our side, losing body parts and watching their boys (and girls and gender neutral and people of color) head's explode on the battlefield.
China will lose several tens to hundreds of millions, (people are expendable there right?) helping solve some of the population problem and crushing their manufacturing base, helping the USA regain that top notch position.
If Russia can keep its finger off the button, they will come out ahead as no one will dare go head to head against their crazy asses.
C'mawn folks let's do it!
SI SE PUEDE, YES WE CAN!
drawing analogies from history i ( sadly) believe that we are on the verge of a major global military conflict; and most like it will not be "the armageddon" of " the mother of all wars" - just a long, bloody global war that will make memories of today's "depression/recession" a sweet lullaby...
hope i'm wrong
Yoski,
Thank you, you prove my point.
Europeans are rotten to the core and evil to the bone.
Nature remembers, and it will heal itself by purging what it sees as foreign invaders.
We call it evolution.
Prospective or Yoski
Ever been to Europe?
Have any friends who are from Europe?
I rest my case.
Your ignorance is stunning.
OK OK enough on this BS. Yes we are all aware that the world is changing economically DOWN. We are aware that most people are in serious debt, and their little 401k plans are now not worth what they all planned, or were told. My response to all the BS is do or die. The storm has arrived, is a CAT 5 not the tropical storm they told us it is. If you have not prepared you are F*cked. This storm is not a fast moving one either...a perfect 5 year storm. Good luck everyone. The rules have changed and nobody knows what they are.
Alright Keith, here's the non-Fox perspective on Europe:
No ability to assimilate other ethnic groups, hence multi-generational Turkish-German who can't get jobs at Siemens or Bayer because of their last name. In contrast, within one generation, all Mediterraneans become Americans with jobs from Dow Chemical to Intel. Next, appalling levels of racism/Nazism...
http://www.adnkronos.com/AKI/English/Security/?id=3.0.2978152523
http://news.bbc.co.uk/2/hi/europe/7858012.stm
True, skin color bigotry is in the US (thus the USA isn't perfect but electing B.O. was a start), however, American hate crimes legislation would have the above punks in maximum security for 20 years. The KKK is still a fringe group stateside, in Europe, however, they'd be a major political party.
Now, on the more political/economic angle, what did the EU accomplish which the ECC wasn't already doing? Did it stop Slobodan Milosevic from his various ethnic cleansings (both Croats and Muslims). Now, would many ethnic Albanians, in Kosovo, be alive today if it weren't for the US intervention in '98? No, the EU is little more than a Franco-German reconstruct, of the ECC, with the France Franc/Deutchemark common currency unit. As a political organization, however, it's a failure; these countries, besides their common skin color (*Hint: even more bigoted than Americans where at least all whites get along), have little in common besides putting down Americans at cafes or pubs.
So you see, you can not listen to Fox News and still make fun of Europe.
If only we'd picked McCain, things would be different.
Listen to me, people: I am not in denial. But this thing does not affect you. You are not a big bank on Wall Street. This is going to remove such people from the system. You will be better off. If you are already struggling, like I have been for over five years now, you might at least see a more level playing field. The paper profits that are dissappearing were the only payoff that you ever could expect from such a rotten system. We are all little people on the bottom, by comparison. You should be cheering at the demise of Bank of America and Citibank. The king is dead -- long live the people!
"That said, irrational hatred of Europeans is stupid. Getting that from fox news? When all goes to sh*t, turn to someone to hate?"
Hey Asian chick. The eurotards hate us because our dogs eat better than they do. Another gift of socialism. You and Bukko, god help us when the 3rd world war starts. (like next week) The Eurotards got their asses kicked in two weeks during the last one, The Asians and Muslems won't leave any of them left alive this time.
We should change the national anthem now: http://www.youtube.com/watch?v=16LbA_fQmko
my talking head on the television today was babbling on about 2000 square foot houses selling for 50,000 and not going quickly and im wondering about fruit trees and vegetables on its lot...
got the property evaluation assessment notice for 2010 today and it went down an equal amount to the original cost when bought? and it seemed to imply that the property taxes would not go down because they were representative to percentage "owed" for a equal percentage of governmental spendings.................gobblygoop crappers?
am i the only one who thinks this digital telEvision garbage is just not ready for prime time?????????????????????/
Don't blame me I voted for the other white meat!
Thank you for remembering me, anonymous who posts repeatedly! You are my greatest admirer.
Only, I wish the guy who thinks about me so much had a clue as to what war is about. You seem to think it's a glorious game, like the ones on your XBox. You don't give a thought to the real people who will die. You seem to think the U.S. will just kill lots of people and nothing bad will happen right back. You think you will have a good time watching it on Fux TV while eating Cheetos in your mother's basement.
Ditto to your anonymous comments about how it's so kewl that the U.S. might be in a bloody revolution. Makes your dick hard to think you'll be the hard man getting to shoot a lot of people. Of course they'll just fall over dead and no one will shoot back at you, right? It will all be so much fun and the lights will still come on in your house and the water will run in the taps and you'll have plenty to eat and no one you know will die. You won't feel a second of pain when the wonderful, good-times revolution comes!
I was about to say "I wish I lived in your anonymous fantasy world" except I wouldn't want to be there. It sounds like a nasty place.
Anonymous, if you want to be my one-man fan club, please try to be in touch with reality. Because if someone who can't stop writing about me is SO wrong, it doesn't reflect well on me. Get real, son. Do it for Bukko.
"The rules have changed and nobody knows what they are."
To the author of that statement:
Pretty goddamned profound, actually.
I was going to ramble on about it, but... gotta save my energy.
What's up with gold? I think Schiff told the Arabs to buy gold while he was in the Middle East.
"...Americans where at least all whites get along..."
That was a good one.
"...this thing does not affect you..."
15% pay cut; company-wide, for now.
Lou Minatti:
Are you really ascribing the power to induce a Depression in FOUR Weeks to the man for whom you obviously hold such disdain?
Why should I listen to you? You're a tool.
Hey Bukko, I'm another Anon who thinks you're a douche.
Hey camrade Bukko. I have never seen anyone waste so many words saying so little. No substance at all. Every post screams hey I'm actually a smart guy. Bukko, Bukko, such a small person. (I could not bring myself to use the word man in reference to you. It would be such an insult to all other men.)
Signed
The anti Bukko/Wanker
Captain conservative
Why, there's a football game on. Who cares about humanity?
I have no problem with Europe. Nice place, crappy climate. Some of their cities would even keep functioning if you take away cars. They have public transportation, side walks and bike lanes, true marvels of technonlogy. I noticed lots of windmills in Germany. Stands to reason that the whole energy thing must have crossed their minds at some point or another since they probably didn't build them for decoration. They also like fast electric trains in Europe:
http://www.youtube.com/watch?v=VgWK8nz44Es
but they're not exactly cheap as I came to find out. I rented some decent sized car, an Opel (=European branch of GM)Turbo Diesel while I was over there. It got 50 mpg. Why is Detroit incapable of building this vehicle?Bottomline is that they seem much better prepared for the coming energy crisis which will dwarf the current financial hic up.
Various responses to those posting on this thread:
1) I watch FoxNews and they don't really talk about Europe much at all so I don't know why people who don't watch it think they are trashing Europeans. They aren't. Having said that, everyone knows that Euros suck the big one. They are jealous mother fuckers who are the worst mass murderers in history. You could go to the deepest reaches of the known universe -- to the farthest quasars -- and not find a civilization more vicious than that of the Europeans. And guess what? They know it. And today, their entire existence revolves around causing grief for America and hiding their heads in the sand when trouble comes knocking on their doorstep. Honestly, the only thing preventing Euros from committing mass murder against themselves once again is their hatred of their common adversary: America.
Europe is doomed.
2) Just like everyone knows Europeans suck the big one, I think everyone here knows the same about Bukko. But hey, I do read his comments to give him the benefit of a doubt. Keep it up big guy!
3) Anon wrote: "am i the only one who thinks this digital telEvision garbage is just not ready for prime time?????????????????????/"
I couldn't agree with you more. Big screen LCD and Plasmas only have good clarity with HDTV. Many stations broadcast all or part of their programming and commercials in non-HDTV, and traditional tube TVs are much clearer for that and have better color to boot (widescreen color is inferior to analog color because it's not "true").
Consumers have been tricked into buying these huge TVs through slick in-store marketing. The stores usually run a hi-def dvd to convince people that this is what they'll see all the time.
Ha! When they get home with their 50" TV, folks have to change the format to the "old" 9:16 TV format to get good picture quality for non-HDTV channels, negating a big benefit of the large screen. So, they've just spent $1,500 to see many programs at relatively the same size as their old TV but with black bars on each side. What a monstrous waste.
Plus LCD can't handle fast motion scenes -- they are blurry (they call it "ghosting"); I've seen it on the high-end Samsung Touch of Color TVs and it looks horrible. The only way to mitigate this problem - and it can't get rid of it completely - is to run the TV at 120 Hz. The problem with this is that the video ends up having the look-and-feel of a daytime soap opera. It's horrible. Plasma has its own problem of the lighting element having a half life of 10 years. This means that after five years your picture will degrade a lot and by year 10 you will have half the brightness. Sounds like a good buy to me!
Honestly, the whole digital TV thing is a disaster. Just another example of how govt. screws up. In this case the FCC foisted this on the American public at the urging of the electronics manufacturers. The broadcast stations didn't give a shit about it.
But everyone who HELOC'd just had to have one....
Thanks FCC!
Prospective or Yoski
Ever been to Europe?
Have any friends who are from Europe?
I rest my case.
Your ignorance is stunning.
I have lived in Europe, and agree that Europeans are a bunch of a-holes, especially the disgusting French.
I'm really feeling bad for the young people.
I've had my day.
They have dreamed just as we have. Now, their future looks bleak.
Maybe I'm just a doomer.
I though this blog was aruging that we were at the bottom of the cycle a week ago.
Here is a beltway insider proclaiming we are still in denial:
http://www.nytimes.com/2009/02/22/opinion/22rich.html?_r=1
Europeans in action... genocide in Yugoslavia for nearly a decade. Why didn't they stop it? That was their area, not the USA's.
Yes, it was worse than Katrina! At least in Katrina, Mother Nature was the major culprit and it was the Governor's responsibility to call for Federal troops. The only bad thing the administration had done was appoint a bozo, as head of FEMA, and try to cover up their lack of preparedness.
Then, after 100s of thousands of Croats, Muslims, and Serbs were killed, many in the various crossfires, others in ethnic cleansings, who came to Kosovo's rescue in '98? Was it was the great armies of France, Germany, or Holland? No, it was the good olde USA.
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