Originally Posted by Warborn
Easy on the hyperbole. The recession was Bush's baby and things are recovering after TARP etc. He ought to have dropped the hammer on Wall Street, but they're his bankers, too. Either way, the economic system is unfortunately still entirely intact and with no real changes to prevent the same shit happening again (as JPMorgan proved recently with its $3 billion loss).
And the political system is still the same two-party giant douche vs. turd sandwich stuff.
So yeah, I dunno what you're referring to, but nothing is even close to collapsing at this point.
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Well, all I can say is that I was harder on Bush than I have been on Obama.
As for the economics, TARP and all those 'programs' are just glorified ways of allowing the banks to privatize national assets while socializing private liabilities. Left or right it doesn't really matter. The major banks just act as a cartel/predatory lender to congress, when congress could print it's own money interest free, as it did prior to 1913. So much of the nation's productive capacity is going towards interest payments on fraudulent debt that the economy doesn't recover.
The sick part about it is that because in this system debt
IS money, private business trying to get OUT of debt only makes it worse, because it collapses the money supply in circulation, so the gov has to step in to counter that deflationary pressure and keep the expansion going. Of course this this kind of deficit spending ends when your interest payments become higher than you budget allows for, so that's when you start austerity and slash social programs (because the banks don't care about those relative to their revenue stream).
The ceiling of course is when you can't make payments on the interest, which then send you into default, raising interest rates on your debt, at which point you debase your currency in order to make payments, or the creditors just come and take your assets. Not to mention few will be able to make mortgage payments at 10%, much less 20% (as it was in the 80s).
Have you noticed the Fed just sold of the first American bank to a Chinese state company? Or that the 'early investors' have started securing american land? There's nothing left to mortgage, so no; I don't think it's hyperbole sadly; it just hasn't bubbled to the surface quite yet.
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And the political system is still the same two-party giant douche vs. turd sandwich stuff.
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Yeah...would tend to agree with you on that.