"Bottom nowhere in sight; staring at a deep hole that entire world could fall into"

Here's a new twist

As the world slips into recession, it is also on the brink of a synthetic CDO cataclysm that could actually save the global banking system.

It is a truly great irony that the world’s banks could end up being saved not by governments, but by the synthetic CDO time bomb that they set ticking with their own questionable practices during the credit boom.
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http://www.businessspectator.com.au...-of-hope-or-terror-LHRJP?OpenDocument&src=sph

But in the end the rest of us still get screwed
 
Quote from Jayford:

I believe Obama has the perfect situation as an incoming Prez. Even if he just does average, and the earth does not come to an end, he will go down in history as a great Prez. Almost all the "greats" came into office during a full on shitstorm, starting right from the beginning with G Washington (the brand new US was completely broke).

I don't believe things are nearly as bad as the 30's, but they are bad enough, and we have an unpopular war to exit, although the treaty to leave has already been ratified by everyone but the Iraqi parliament. Obama will get credit for exiting anyway.

What you don't want as President is to enter office when all is rosy. Pretty much just a setup for criticism and blame.
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Jayford - - this is not a knock on you - - but I bet many (perhaps most ?) politicians think of this situation in the way that you expressed - - in terms of their own political advantage or disadvantage rather than in terms of what will be best for the country. Given that our political 'leadership' is primarily composed of lawyers - those who have made their living through obfuscation and the extortion & protection rackets , and most of them don't even have the level of business & entrepreneurial experience of a guy running a hotdog stand - - this does not bode well - -
 
Quote from Tigerjaw:

Jayford - - this is not a knock on you - - but I bet many (perhaps most ?) politicians think of this situation in the way that you expressed - - in terms of their own political advantage or disadvantage rather than in terms of what will be best for the country. Given that our political 'leadership' is primarily composed of lawyers - those who have made their living through obfuscation and the extortion & protection rackets , and most of them don't even have the level of business & entrepreneurial experience of a guy running a hotdog stand - - this does not bode well - -
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Great post.

And yes, it doesn't take away from jayford's post at all.


Every man for himself. Many will drown.
 
The biggest difference between past crises is we never bet the governments solvency on bailing out private industries.

The government and the nation have never been in worse shape entering a crisis.

Even WWII when our debt hit 110% of GDP it was primarily domestic as it was financed by Americans buying savings bonds.

This is not history repeating, as we have never been in a situation, were we have no savings, our economy is 75% consumer driven, and foreigners hold 45% of our public national debt.

Our government has no interest in addressing its out of control spending, and the bulk of government spending is for redistributive entitlements. 40% of our population pay no income taxes.
The largest demographic is entering its retirement years and their children are expected to pay their retirement, and healthcare, while having no prospect of a guaranteed retirement for themselves.

We are facing short-term deflation, with a hefty bought of inflation to come, with wages that have not increased in over a decade.

The fundamentals suck
 
Seems to me to be a combination of those in the know doing whatever they can to take care of themselves before it all comes crashing down - - looking to consolidate their own power and finances and the hell with all the peons. - - And those coming up with the same ole' - same ole' - - government programs that will mean we'll be taxed to the max and they'll inflate the currency. Of course, those programs won't work because the bureaucrats & politicians aren't entrepreneurs and the bottom line has never been their concern, & they don''t even understand it. Perhaps the only chance of coming out of this is a quantum increase in productivity through revolutionary new technologies (in the way that the automobile, airplane, personal computer, & internet were in the past). But the 'technology bet' is a real long shot - and IMO the Gummint is proposing the exact opposite policies needed - including increase of taxes including the capital gains tax, and over regulation of industry via the 'global warming' baloney, etc. Cracks me up when Pelosi tells the auto companies they need to come up with a plan & present it to the lawyer-liars who know squat. (Not that auto company management has been much better.) Well we could always go back to the tried and true and have a nice big war - that's generally pretty good for employment. Hmmm if we knock off China while we're still # 1 militarily maybe we could get them to write off our tab. We could make them pay additonal tribute in Walmart goods & contaminated foodstuffs.- - - O.K. - - - I've vented like crazy. We're screwed !
 
Quote from Tigerjaw:

Seems to me to be a combination of those in the know doing whatever they can to take care of themselves before it all comes crashing down
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You have won the prize....you "get it" :cool:
 
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