Date registered: Sep 2004
Vehicle: 83 Astral Silver 280 SL
Location: Planet Houston
Mentioned: 0 Post(s)
Quoted: 7 Post(s)
It's going beyond the worst predictions. A few months back I said 8,000 would be the bottom, and a lot of people told me that was ridiculous. Sad that I am wrong in the wrong direction.
The next stop is deflation. The US economy is about to right-size itself, which is bad news. As a functioning economy, this country just plain flat doesn't work. The whole thing has been built on debt, and there is little going on that generates sustainable wealth. We could be looking at staggering unemployment, as millions find out that their jobs were financed by pipedream money.
The cycle has been sickening. "Free" trade lets us take all our borrowed money and use it to buy cheap stuff, which has been destroying our manufacturing base. Countries need to protect certain parts of their economy, unbridled free trade is as bad as over-protectionism. Clinton had the right balance between the two, Bush, on the other hand, is a Free Market Radical, a fucking nut who should have never have been made president. His cowboy-capitalism was great for his rich friends, but for the rest of us, it always meant eventual ruin.
Unless a nation can take raw materials, convert it into greater-value finished goods which it can sell to the markets at a profit, it is not creating actual wealth - instead it is enjoying wealth created by borrowing or by bringing their manufacturing base and the wealth created by prior generations to the pawn shop. I have been saying for three years that it cannot last forever. That time has arrived.
We need to make massive cuts in our government military spending, and put the money into revitalizing our economy. We need to make Social Security and Medicare means-tested. We need to end NASA, a huge waste of money, and put it into real industries. We need to make a giant leap in robotics, which is the only way we can defeat the advantage of Chinese labor. We need to make all higher education free of charge for those who can do the work. We need a single national health insurance company. We need massive, massive change.
Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.
-President Barack Obama, 1st Inaugural address
Last edited by FeelTheLove; 11-20-2008 at 01:45 PM.