Date registered: Sep 2004
Vehicle: 83 Astral Silver 280 SL
Location: Planet Houston
Mentioned: 0 Post(s)
Quoted: 8 Post(s)
I'd say about five years, but I'm starting to think it will be sooner. There are two stats that have come up that show a new dynamic emerging. Banks, all of whom are reeling after ten years of fucking us and themselves all up with unregulated banking practices, are now getting a huge surge in deposits from the fearful public, which will help them a great deal in offsetting the crap on their balance sheets and supply a source of non-government funds lending capital, let's all hope they don't lose that bundle next, which I have high hopes for now that adults are back in charge of the Executive Branch and it's regulatory agencies. The second stat is that mortgage defaults , seemed to have peaked and now we are on the downside of that graph, which means that the government and the big banks may stop bleeding money soon.
IMO, the economy needs two very important things right now: first, the choice needs to be made to either nationalize the investment zombie banks or create a "Toxic Bank" to receive their crap, I perfer option 1. The second thing is to begin the process of managed bankruptcy of General Motors, killing off the massive healthcare and pension obligations GM has and getting these retirees into the Medicare and SSI systems, and ending 1960's era union contracts that simply do not work in the modern world - sorry, you lose folks, someone has too. This would be the beginning of creating a new style of manufacturing base for America.
If those things get done quickly, we will be out if this in two years. If they don't we may suffer for a decade. The Republicans are making a huge mistake by deciding to have a Limbaugh-tomy and opposing everything the Democrats are doing. Both sides have to give something, Republicans need to stop shouting "Socialist" and all the rest of the crap and just surrender to the fact that they screwed the pooch and now it is going to cost us a lot of money to fix it. The Democrats have got to get the unions to see that they are going to have to be reasonable. Both sides have to find a compromise for the national health care issue, which is at the heart of why we can't sell our goods on global market, and we, the American People, have got to figure out a way to get the lobbyists, who caused this fucking mess by passing out billions to politicians over the last ten years to get the economy deregulated, are kicked the fuck out of our government. Unfortunately, the chance for any of those is pretty slim.
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