September 22, 2008

'Cash for Trash'

Take a moment to read this op-ed piece in today's NYT by Paul Krugman.

With the American economy in a tailspin, it's important to understand just how they are proposing to pull out of it. Unfortunately, as Krugman very succinctly points out, it's not really like watching an airshow where you know all the players have parachutes.

These are deadly financial times, and yes, it does affect us, and yes, it's the doing of a Republican government that has acted with violent, criminal disregard for its citizens. Any government permitted to operate beneath the radar, away from the light of the press, and in any kind of secrecy can tilt a country to this kind of brink. Gee, sound familiar here at home?

And yes, John McCain has had a front and centre seat, and a vocal vote, on many of the policies that have set this jaw-dropping situation in motion.


Blogger OmemeeOzzie said...

And, as recently as last week, believe it or not, as the ivory towers and coporate pooh-bahs were crumbling and heading for the hills over the US economic meltdown, Senator John McCain was still spouting the line that there was nothing wrong with the US economy!
"Our economy, I think, is still -- the fundamentals of our economy are strong, but these are very, very difficult times,'' McCain said. "I promise you, we will never put America in this position again. We will clean up Wall Street." This was taken from a McCain sppech delivered in Jacksonville, Florida on the morning of September 15.
Unbelievable and sad, all at the same time.

September 22, 2008 12:27 PM  
Anonymous Anonymous said...

Did anyone catch McCain's interview on 60 Minutes last night? Oh boy. A George Bush look-a-like. If he gets in, it will be business as usual. Personally, I'll just stick to the fries thanks...


September 22, 2008 4:09 PM  
Blogger DJW said...

Someone much smarter than me proposed this idea:

Have the government pay the failing mortgages of the consumers directly.

This completes 2 things; frees up cash at the consumer level which gets the economy rolling again, and gets the banks the capitol they are lacking, without the govt paying the shareholders directly.


September 22, 2008 9:04 PM  
Anonymous Anonymous said...

America is in denial about its downfall from superpower status. Asian businessmen own Pebble Beach, thousands of businesses are foreign owned and China has the squeeze play option on America's debt. They won't force repayment; no they'll say " so sorry, you'll buy more of our junk and like it!"

September 22, 2008 11:33 PM  
Anonymous Anonymous said...

China has $200 billion dollars sitting in the U.S treasury and another $1.3 trillion, that they are trying to invest in the U.S. At any given moment, should China recall this $200 billion sitting in the treasury, it will collapse the U.S. This is some scary stuff. Why do we think, or do we, that the Olympics went to China? As for McCain on 60 Minutes, when asked about the financial wizards that orchestrated this sub prime crisis sailing away on their million dollar yachts, McCain's response was, "I am not concerned about them but I want to protect the taxpayers of the United States". This is not verbatum, but you get the drift. Some protectoin. "Bend over a bit further, please"...So otherwise these thieves are off scott free and the taxpayer, which will include you and I, will be on the hook for the losses. Does this resemble Enron? It is the same type of scam and GREED killed that one also. They were charges laid and jail time for everyone involved with Enron, how about this one? Scary to think. Anyone thought of checking some banks in Switzerland? This money just didn't evaporate. It is sitting somewhere. Oh, one more thing. Don't forget to vote. Yeah right. It is your right. Right to what, my I ask? JY jelly please...


September 23, 2008 7:37 AM  
Anonymous Anonymous said...

JY jelly? It's KY, Have you not learned anything from Sue Johanson? But seriously, you added solid points about America's situation and just think what problems it will pose to trade. We need smart people at the helm, not greed heads. At the street level, smaller investors are running from the banks and investing in real world items for profit. Black markets are being established again. The government will only step in after they've done three white papers and satisfied themselves that revenue is being lost. Remember the income tax? It was supposed to last just for world war two. Yeah, right!

September 23, 2008 10:32 AM  
Anonymous Anonymous said...

Hey, I realize it is KY jelly. I was going out the door to an appointment and goofed in the proof reading. Letters are just too close together, and with fat fingers, not a good mix.

I am really afraid this bailout will only generate more money to be wasted in a similar manner, in some other area. I heard it said yesterday that the fallout from the sub prime mortgage scam will be felt for the next 2 decades. Not good. Then you have McCain saying that he is not concerned about the financial wizards sailing off, he is concerned about the taxpayers financial future, it states where his priorities lie. What future? They have just added more debt to debt, and in doing so, have put the taxpayer on the hook for all the losses that took place. Pass the buck is all it is, and sorry about the pun.. We'll never see daylight again. Sorry. His reasoning just does not compute.

So we sit, with man, and this way of thinking, a rookie as a VP running mate, he wants to be President? Hold onto your hat. The best is yet to come.


September 23, 2008 12:38 PM  

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