is United States Doomed?

[traderzhangSan]

Employment report came out terrible.M3 is collapsing. There seems to be no growth in the private sectors for the next several years.


I think this is mainly due to HUGE policy failure of Obama administration. The government took easy way out and thought they can spend out of recession to jump start economy. It didn't happen. The credit driven economy cannot sustain no matter how much debt federal government is willing to take. This is explained by plunge in M3 number.

The right solution, as it is apparent to me now, is to let business and banks fail so the system can purge all bad debts. New credit can be extended again and economy can grow again. Sure it is painful. But there is old china saying " Short term pain is better than long term pain"

 

[Retief]

Short term pain is better than long term pain unless you're a politician with an election coming up. That is one of the major shortcomings of the election system in the US.

 

[pspr]

Paint with a lighter stroke, grasshopper. Your canvas will enlighten you with the truth.

 

[S2007S]

Quote from traderzhangSan:

The right solution, as it is apparent to me now, is to let business and banks fail so the system can purge all bad debts. New credit can be extended again and economy can grow again. Sure it is painful. But there is old china saying " Short term pain is better than long term pain"

That should have been the solution, to let the entire system do its own thing without any intervention, let the free markets work out the problem itself, even if led to the worse case possibilities. The interference in this market has made it even worse, this crisis is FARRRRRRRRRRRR from over, many will tell you were headed in the right direction but they are lying, there is no recovery on the way. This crisis is going to last beyond anyone's imagination.

 

[PocketChange]

Corporations and Politicians have been saved. Citizens screwed.

 

[William Rennick]

The Chinaman made a good post. Hey Wang, back in the early 50's we were enemies. Now we're both enjoying the good life. I like it better this way. Cheers to you.

 

[loza]

Now, how would you know his name is Wang? :eek:

Quote from William Rennick:

The Chinaman made a good post. Hey Wang, back in the early 50's we were enemies. Now we're both enjoying the good life. I like it better this way. Cheers to you.

 

[Random.Capital]

It is difficult to accelerate growth without cheap, abundant energy.

 

[Retief]

Quote from Random.Capital:

It is difficult to accelerate growth without cheap, abundant energy.

It's also difficult to accelerate growth if you have cheap, abundant energy but are unwilling to use it, like oil shale reserves in the rockies greater than all the oil in Saudia Arabia, or oil at low depths below the ocean floor off the coast of California, or oil in ANWAR.

Drill baby, drill, and don't let phukking UK companies do the drilling. If you want it done it right get an American company.

 

[SomeYoungGuy]

Quote from Retief:

It's also difficult to accelerate growth if you have cheap, abundant energy but are unwilling to use it, like oil shale reserves in the rockies greater than all the oil in Saudia Arabia, or oil at low depths below the ocean floor off the coast of California, or oil in ANWAR.

Drill baby, drill, and don't let phukking UK companies do the drilling. If you want it done it right get an American company.

I always thought we were saving that in case OPEC were to shut off the oil spigot completely, we can sink a big straw down there, suck it out, and use it to fuel our military invasion.