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A year after financial crisis, the consumer economy is dead

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posted on Sep, 8 2009 @ 07:39 PM
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A year after financial crisis, the consumer economy is dead


www.mcclatchydc.com

WASHINGTON — One year after the near collapse of the global financial system, this much is clear: The financial world as we knew it is over, and something new is rising from its ashes.

Historians will look to September 2008 as a watershed for the U.S. economy.

On Sept. 7, the government seized mortgage titans Fannie Mae and Freddie Mac. Eight days later, investment bank Lehman Brothers filed for bankruptcy, sparking a global financial panic that threatened to topple blue-chip financial in
(visit the link for the full news article)




posted on Sep, 8 2009 @ 07:39 PM
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This means America is dead and on it's way to a third world country thanks to Bush and now Obama.

Obama wants us to be a big government, union based economy. This is impossible in a global economy with cheap labor.

In a global economy we need a small, limited government and people will borrow and consume. You want government debt to stay around 50% of GDP. We have a 14.4 trillion dollar GDP so government debt shouldm't go over 7 trillion.

Obama is asking the debt ceiling to be raised over 12 trillion.

Obama and the liberals can't stop spending and wasting money. Americans can sustain a big government in a global economy because we can't produce enough jobs or the kind of jobs to sustain the behemoth because of cheap labor.

What some people seem to want is a return to jobs. What people fail to see that in a global economy with cheap labor, America can't be a country based on jobs.

The main problem here is Government. We would be in great shape if there was a law that said Government can't go into debt over 50% of the GDP.

We have a 14.4 trillion dollar economy as a consumer based economy. If we return to a big government, union based economy in a global economy with cheap labor we will be a massive third world country.

www.mcclatchydc.com
(visit the link for the full news article)



posted on Sep, 8 2009 @ 08:03 PM
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"A year after financial crisis, a new world order emerges"

yahoo front page




posted on Sep, 8 2009 @ 08:13 PM
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Originally posted by Matrix Rising
What some people seem to want is a return to jobs. What people fail to see that in a global economy with cheap labor, America can't be a country based on jobs.


Then what, praytell, will it be based upon? Or in your opinion, should it be based upon?

Please enlighten us.


[edit on 8-9-2009 by Chakotay]




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