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2008 crash effects not fully felt yet.....
- Thread starter VenomJockey
- Start date
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And the balloon will burst someday. Modern day Lemmings still rush to the sea of debt. Vote for the politician that promises the most free stuff but NOTHING is free.
Good article. No kidding that '08 still has roosters to roost. The big banks should have all folded, but instead were rewarded with big cash out of our empty wallets. The article talks about how the bad loans have all been written off. Guess what, they've replaced all those old bad loans with new bad loans. Wait for a downturn and see the next fallout. But this time thanks to Frank-Dodd, the banks will be able to steal from our savings accounts to cover their monster risks. While it would have hurt more in the short term, those banks should have all be allowed to go through bankruptcies. Every one of them. The economy would have recovered much faster (well as best as it could under Obama).
Or GM, gov't motors. They should have also had a proper bankruptcy. Instead investors were all completely screwed over and the unions were rewarded. I cannot understand why a single person today drives a GM vehicle after that.
Not only did the bad programs of '08 change how businesses should work, it also sunk our gov't another $1T or 2 into debt. And the slowed recovery has cost as much if not more in gov't debt. Not only in reduced revenue, but also in ever-growing excessive spending.
Or GM, gov't motors. They should have also had a proper bankruptcy. Instead investors were all completely screwed over and the unions were rewarded. I cannot understand why a single person today drives a GM vehicle after that.
Not only did the bad programs of '08 change how businesses should work, it also sunk our gov't another $1T or 2 into debt. And the slowed recovery has cost as much if not more in gov't debt. Not only in reduced revenue, but also in ever-growing excessive spending.
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I do believe that we're heading for another downturn in the economy. When? How big? How long? Nobody knows. But in the meantime I'll continue to ride the longest bull stock market in history. It started in '09 and continues today with more record highs. Some would say that this is a "phony" bull market and it's bound to crash. Maybe so. But theres nothing phony about the things I'm buying with the profits from the stock market.
There isn't much that we can do about government debt. But there is everything that we can and should do about our own personal debts. Bottom line; Get out of debt and stay out of debt.
There isn't much that we can do about government debt. But there is everything that we can and should do about our own personal debts. Bottom line; Get out of debt and stay out of debt.
Nutshell
Lets see, United States Note up until 1913 full gold backing, Federal Reserve Note created in 1913 changing from United States Note to Federal Reserve Note but in 1933 the note no longer had value in of themselves and only 'backed by all the goods and services in the economy' no gold but in 1971 gold was officially removed from the books removing us from the gold standard and entering us in to the dawn of the global economy. Keeping us globally competitive we will bale out companies that can help keep the dollar competitive in the global market, since it ain't backed by the gold the Feds can just print more money banking it on the economy improving and all the Feds have to do is just buy back the dollar to increase value. Welcome to the fiat currency where the make believe can be manipulated and not for the citizens benefit but the equalization of the global economy, ah but the tax payer ultimately pays the price, the fiat is a globally recognized and excepted ponzi scheme and we all know the outcome of the ponzi game.
Ironically we shouldn't be able to purchase gold and silver with the Federal Reserve Note given the Federal Reserve notes are 'not redeemable in gold and silver'
Lets see, United States Note up until 1913 full gold backing, Federal Reserve Note created in 1913 changing from United States Note to Federal Reserve Note but in 1933 the note no longer had value in of themselves and only 'backed by all the goods and services in the economy' no gold but in 1971 gold was officially removed from the books removing us from the gold standard and entering us in to the dawn of the global economy. Keeping us globally competitive we will bale out companies that can help keep the dollar competitive in the global market, since it ain't backed by the gold the Feds can just print more money banking it on the economy improving and all the Feds have to do is just buy back the dollar to increase value. Welcome to the fiat currency where the make believe can be manipulated and not for the citizens benefit but the equalization of the global economy, ah but the tax payer ultimately pays the price, the fiat is a globally recognized and excepted ponzi scheme and we all know the outcome of the ponzi game.
Ironically we shouldn't be able to purchase gold and silver with the Federal Reserve Note given the Federal Reserve notes are 'not redeemable in gold and silver'
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Arcticdude said....."Bottom line; Get out of debt and stay out of debt." And there you have it, folks....it's that simple. Never mind the Jones' - the Jones' aren't paying your bills!!
It is a lot easier to not get into debt than it is to get out of it. Someone wise once said that, somewhere, sometime....
