Dominos or House of Cards... You Decide.

[johnnysorrow]

So I was thinking about it this morning. The economic failures that have happened while the President was on the Watch.

1) Bankruptcy protection for the consumer.

2) The Mortgage Crisis.

3) The Stearns and Bear bank failure.

4) The Lehman failure

5) AIG failure.


four of these failures happened within a year. One completely shafted consumers in favor of hte banks. This wouldn't be so bad, but its not the last were going to see. MY guess is that were going to see a collapse of the Credit Card industry, and probably a major bank like Wellsfargo or BofA or even WAMU fail as well. Were bleeding money in a stupid war, we have rising fuel costs, and growing poor, and they are talking tax cuts, tax cuts, tax cuts. I wonder if I did some research if this is how the other companies that the President ran into the ground ended up. At this point though it will never happen, we need to raise taxes and make everyone pay their fair share. People need to stop falling asleep at the fucking wheel.

Comments

[lokiz-mom.livejournal.com]

WaMu will be going first. BofA just bought out merrill lynch, so they *have* to keep going. frankly...i think i'm going to keep my money in my mattress from now on.

[angry-american.livejournal.com]

When a corporate entity, which is insured by our tax dollars, can lend money without collateral to inflate prices and increase interest rates without regulation, a collapse of this magnitude is the result.

This is what happened to a lesser degree during the last recession and the S&L crisis. It also happened during the great depression. The problems are always the same, having to do with oversight:

- Deregulation
- Imprudent real estate lending (see Deregulation)
- Keeping insolvent institutions open (see Deregulation)
- Brokered or traded capital on the basis of future returns (see Deregulation)
- Deflation

If the government isn't watching the institutions it financially insures, they are asking to be exploited. As soon as the dollar stops inflating, as it just did, the first domino tips, and suddenly no one is making money to keep up with what they borrowed.

It's fucking history repeating itself.

Stop voting republican.

-FW

[redstreets.livejournal.com]

J9 has this one pegged. Heard on the radio this morning that WaMu is reportedly looking for a buyer.

[celothae.livejournal.com]

It is an interesting note that a recent study found it is NOT the painful part of the brain that lights up when folks think about paying taxes.

It's actually the pleasure center.

Reason? Theory suggests that people understand the only way to make our government stronger and to make our government work better is to pay taxes.

(Disclaimer: I use the words 'make government stronger' not in the Nazi/Fascist sense...More in the 'Articles of Confederation' U.S. versus the Constitutional U.S. type.)