DEFCON 2 declared - economic armageddon is coming

T

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DEFCON 1 coming...bunker down.

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Nuclear option is coming next week. trillions....

Geithner to Visit England, Germany Next Week to Discuss Crisis
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By Christopher Wellisz

May 20 (Bloomberg) --Treasury Secretary Timothy F. Geithner will visit Germany and the U.K. next week to discuss the European financial crisis, the Treasury Department said today in a statement in Washington.

Geithner “will meet with European officials to discuss the economic situation in the region and the measures being taken to restore global confidence and financial stability and to promote continued recovery,” the Treasury said.
 
Quote from CET:

You sound like a scared mouse. Stay on the porch and watch.
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The only thing I'm scared about is when the taxpayer gets bagged with the bill for the trillions being thrown at the mess.
 
The only thing that's going to happen with this is the standard of living for everyone across the globe is going to decline. Countries are actually going to have to work with a balanced budged and stop creating money out of thin air at alarming rates and devaluing their currency. Social programs are going to be slashed all across Europe and it won't be long before the same happens in the US.

The US is heading down the same path as Europe but not quite at the same pace. Nonetheless, get ready for heavy slashes in social programs. Most people want to abolish the Fed but in doing so it limits the US's ability to spend and a large amount of expenditures go toward things like Medicare and Social Security. Big changes are happening in the world today but we're not heading to an Economic Armageddon. Just a bit of frugality.
 
That's the funny thing. The EU pushed all their chips in with that trillion dollar deal, expecting the markets to fold. What happens if they call (which they seem to be doing)?
 
Quote from the1:

The only thing that's going to happen with this is the standard of living for everyone across the globe is going to decline. Countries are actually going to have to work with a balanced budged and stop creating money out of thin air at alarming rates and devaluing their currency. Social programs are going to be slashed all across Europe and it won't be long before the same happens in the US.

The US is heading down the same path as Europe but not quite at the same pace. Nonetheless, get ready for heavy slashes in social programs. Most people want to abolish the Fed but in doing so it limits the US's ability to spend and a large amount of expenditures go toward things like Medicare and Social Security. Big changes are happening in the world today but we're not heading to an Economic Armageddon. Just a bit of frugality.
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Agreed! Headed towards pain.

My solution= cut Govt. spending in the US 45-50% and lower the top tax bracket to 20%. Do this, suffer the pain for 16months-2years, and we would repeat the roaring 20's. Then of course, just like history, create a new bubble. At least my way we would prosper for 6-8 years.
 
So, we trust the morons who let all this happen with cleaning it up?

When did I start here? 2005. 777 aside, I took a load of shit. I'm sure many of those who witnessed the debacle are wiped out. People in the streets. Losing homes, mortgages, jobs............... Friggin' nightmare. And it gets worse.

The wealthy that did this, politicians, Investment bankers and the like - they think they are going to sit home and wait this out in comfort. Not happening. The public is going to bring the fight to them. you can feel it. It smells like death everywhere.

Maybe this is the catharsis this country needs to bring us to some semblance of sanity. Or maybe we don't come out of it. It's a tossup at this point. Mercal said it best. One trillion is just a short term fix. The major nations (left) are doing everything they can to prop things up to stave off revolution. It's not working. Get out of the canyon and talk to some flyover folks. They've had it with financiers and politicians. And they are heavily armed.
 
I agree that some sort of revolution is coming. You can feel the pent up anger. It's going to take something like a 20% cut in social security payments and an increase to something like 70 years old before you can retire. Government employees will be hit first. I'm actually surprised there hasn't been some sort of uproar already. People are basically sitting back and taking whatever the government is handing out. Higher taxes and less benefits will probably be the catalyst to get people riled up. Hard times are just beginning.

Quote from flytiger:

So, we trust the morons who let all this happen with cleaning it up?

When did I start here? 2005. 777 aside, I took a load of shit. I'm sure many of those who witnessed the debacle are wiped out. People in the streets. Losing homes, mortgages, jobs............... Friggin' nightmare. And it gets worse.

The wealthy that did this, politicians, Investment bankers and the like - they think they are going to sit home and wait this out in comfort. Not happening. The public is going to bring the fight to them. you can feel it. It smells like death everywhere.

Maybe this is the catharsis this country needs to bring us to some semblance of sanity. Or maybe we don't come out of it. It's a tossup at this point. Mercal said it best. One trillion is just a short term fix. The major nations (left) are doing everything they can to prop things up to stave off revolution. It's not working. Get out of the canyon and talk to some flyover folks. They've had it with financiers and politicians. And they are heavily armed.
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