The economic crisis is mostly perception that has become reality. Bush and now Obama has inflated the bubble in housing and banking problems into a full blown crisis.

They are doing this because the beast(government) can't borrow the money to feed itself. Bush borrowed and spent us into oblivion and Obama will continue to do the same thing.

This is because both Bush and Obama are idealogues and we truly needed a pragmatist during these times. Someone who will fix the problem first and then worry about their ideology.

They have to inflate this into a crisis so they will have an excuse to print up money and feed the beast because they can't borrow from foreign governments so they will borrow from your kids, grand kids and great grand kids.

We will never be able to sustain all of this spending in a global economy because of cheap labor.

Because of globalization we have switched from a producer based economy to a consumer based economy. This means we borrow and consume. Other countries will hold our debt as we consume their goods. That's fine because you will get more entrpreneurs and people making money in real estate. The problem occurs because government borrows and waste our money. The debt increases and other countries stop holding our debt because we are not consuming as much.

This is why you will probably see 1-3 stimulus packages during the Obama Presidency because that's the only way to feed the beast in Washington.

These people are crooks and they gain their power from other people's money.

Obama wants to take us back to being a producer based economy but that's impossible because of cheap labor and we will end up a big third world country. You heard Obama say he will create 4 million new jobs and last I heard it's now he will create or "sustain" 4 million jobs. Without a bunch of new jobs to sustain all of this spending, we are in trouble as a nation.

Sadly, the American people holds a waiter in a restaraunt more accountable for a $20 plate than they do politicians who waste and spend billions and trillions of dollars.

Originally posted by platosallegory


Sadly, the American people holds a waiter in a restaraunt more accountable for a $20 plate than they do politicians who waste and spend billions and trillions of dollars.

Yes we can at least hold our friendly waiter accountable for something. Those we deal with everyday we can hold accountable for their actions except our elected officials. Yea we can vote someone else in next time and they are likely to be as corrupt or more so than their predecessor. And they can promise the moon, once they are in office their is no stinking accountability. They are all bought and paid for and if you ain't on the gravy train then you ain't ridin' baby.

The only ecomonic crisis is how we can keep bustin our humps every day to earn the taxes to feed these criminals.

The economic crisis is very true, and real. So real in fact, millions of jobs are being lost (including mine), and real GDP is evaporating. Not just in your country, but globally.

Though I agree with the principal of your argument, I do not agree the crisis is "false". Your country, government and population have overspent for decades. Now that the chickens have come home to roost, suddenly it's a "global issue". The only other country that has a debt ratio on par with yours, is the UK.

This is the very root and foundation of the problem at hand. I'd be willing to bet, many whom are spewing "Government overspending!!" amidst this crisis are also tens of thousands of dollars, possibly more in debt. I have no remorse for those who knowingly took out loans they KNEW they could not repay. If you did not read the terms of your loan, that's YOUR responsibility. You wanted to keep up with the Johnsons, you got your wish, now pay the price.

Additionally, because I'm sure someone will mention it. I'm not talking about defaulting on your mortgage because you just lost your job. (If you could originally afford it of course) I'm talking about the thousands and thousands of dollars in miscellaneous credit card debt, et al.

This is how the bubble was created. Bad debtors are just as much at fault as the banks who provided the loan. If you don't agree, and your in debt, your lying to yourself and your country.

The Solution? You immediately lose your status as reserve currency. We establish a new Bretton Woods (because the derivatives market has completely skewed the value of ALL currencies). Your country does a complete 360, and starts spending on projects that will PRODUCE real goods. Not infrastructure projects which are very short-sighted and produce absolutely zero "real" value, hence it will not assist you in paying off your debt.

Competing with China for cheap labor, isn't only impossible, it will be downright necessary, because you owe them.

Other option? WWIII.

That's the endgame. Since I'm a realist, and can't really fathom the United States becoming a harbinger of cheap labor, i'll go with the latter suggestion.

History always repeats, it's human nature.