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This will be proven to be the start of the shift towards the east's dominance.
Pakistani and India will do all the tech and accounting work.
Europe will become a series of gated border police states.
The entire middle east will be wiped clean down to the sand "by accident"
By 2024, American's will be receiving emergency food from Africa which will have seen a massive influx of Asian capital primarily for weapons, then irrigation, then farming, then tourism.
Cuba will become a preferred travel destination of the Asian wealthy -- far enough away from those "dirty begging Americans", and not too far from a major land mass in case of emergency. Asia will allow Russia a government sponsored retreat at Guatanomo, for all those years of supporting Fidel.
All of N. Korea and some of S. Korea become a toxic waste dump after all the inhabitants who don't have radiation sickness are moved to Myanmar after Kim Jong-il presses the wrong button, (he thought he was turning on the air conditioning).
Apples!, Apples! -- 2 yuan a piece -- Who will buy my apples?
Brother can ya' spare a yuan?
At least our manufacturing will come back
Wrong, the EPA made it too costly to manufacture all that stuff using all those toxic chemicals in the first place which is why we pushed it offshore to pollute someone else's backyard and ground water.
The Piper will get his due. A $700 billion bailout "may" delay it, but I doubt it will prevent it in the longer term.
This is a debt crisis, hidden behind phrases such as "ill-liquid assets". Borrowing money to solve a debt problem is something that has become habitual in the United States. Until now it has only been problematic situationally. The systemic nature of the problem is now becoming evident.
"As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth -- not of existing wealth, but of wealth as it is currently produced -- to provide men with buying power equal to the amount of goods and services offered by the nation's economic machinery. Instead of achieving that kind of distribution, a giant suction pump had...drawn into a few hands an increasing portion of currently produced wealth...In consequence, as in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped...We sustained high levels of employment...with the aid of an exceptional expansion of debt outside of the banking system. This debt was provided by...the upper-income groups where taxes were relatively low... This debt...largely took the form of mortgage debt...consumer installment debt, brokers' loans, and foreign debt... The time came when there were no more poker chips to be loaned on credit..."
A modern day pundit speaking about today's financial difficulties? Hardly. The above was written by Marriner S. Eccles, who served as Franklin D. Roosevelt's Chairman of the Federal Reserve from November 1934 to February 1948.
"Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone" - John Maynard Keynes (1883 - 1946)
"Under capitalism, man exploits man. Under communism, it's just the opposite." - John Kenneth Galbraith (1908 - 2006)
Regarding buying stocks right now... After the crash of the market in 1929, the Dow did not regain its pre-depression high until 1954 - a short 25 years to recover.
"Anyone who bought stocks in mid-1929 and held onto them saw most of his or her adult life pass by before getting back to even." — Richard M. Salsman
[edited by: lawman at 5:59 pm (utc) on Sep. 22, 2008]
[edit reason] fix style code [/edit]
A blind man could of seen this coming. Houses worth 250,000. selling for
600,000 no money down, floating interest rates, etc.
Once again we trusted the goverment to watch out for our interest, once again they failed us.
I guess we never learn!...KF
Individuals who bought more house than they can afford should reasonably expect to lose their homes.
Lenders who relaxed regulations to accommodate these buyers (and themselves) deserve to suffer the consequences of their decision.
Institutions that bundled and traded this bad debt as an asset deserve to lose their shirts.
The issue isn't a lack of regulation, it's everyone who expects something for nothing.
This bailout deal is reckless and irresponsible. Printing 700 billion dollars out of thin air to purchase a bundle of toxic debt in an effort to protect greedy institutions and individuals FROM THEMSELVES has to be... predictable.
I guess you're right-we never learn.
joined:Aug 12, 2004