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The End of Excess: Is This Crisis Good for America?
Don't pretend we didn't see this coming for a long, long time.
In the early 1980s, around the time Ronald Reagan became President and Wall Street's great modern bull market began, we started gambling (and winning!) and thinking magically. From 1980 to 2007, the median price of a new American home quadrupled. The Dow Jones industrial average climbed from 803 in the summer of 1982 to 14,165 in the fall of 2007. From the beginning of the '80s through 2007, the share of disposable income that each household spent servicing its mortgage and consumer debt increased 35%. Back in 1982, the average household saved 11% of its disposable income. By 2007 that number was less than 1%.
It's as if we decided that Mardi Gras and Christmas are so much fun, we ought to make them a year-round way of life.
Originally posted by dodadoom
The End of Excess: Is This Crisis Good for America?
Originally posted by FlyersFan
Originally posted by dodadoom
The End of Excess: Is This Crisis Good for America?
Oh lord.
This worldwide financial 'crisis' was engineered.
It's not some fault of a free market society.
It wasn't created by greedy capitalists.
It's because of the New World Order.
They engineered this to create their One World Currency.
(Obama's buddy Timmy Geithner is calling for it.)
It was engineered to create the New World Order.
Anyone who thinks this crisis is because of 'greedy capitalists' is dead wrong. That's exactly what 'THEY' want you to think. Just as the Nazis wanted everyone to think all the problems in the world were the fault of the Jews ... Capitalists are going to be the scapegoat.
And sadly ya'll are buying it. It's faux-alturism at it's worst.
Killing the free market society and capitalism is NOT good for America.
It's not good for anyone.
Ayn Rand Center Response to Financial Crisis thread
Originally posted by gottago
Basically, we've bankrupted ourselves, personally through all the shiny debt-traps that were offered us individually--401ks, pre-approved credit cards, sub-prime mortgages, and on and on.