BoatBanter.com - View Single Post - economist blames wall street for collapse

bpuharic

On Sun, 09 May 2010 22:42:09 -0400, wrote:

On Sun, 09 May 2010 19:06:41 -0400, bpuharic wrote:

ever hear of the great depression?

Yes and it took a world war to break it.

uh, no. what it took was a MASSIVE GOVT SPENDING PROGRAM and MASSIVE
DEBT.

a war will do that. so will obama's deficit spending.

All of the FDR programs left
us still in a depression with no real light at the end of the tunnel.
Our problem then was unused industrial capacity.
The war filled that void.

gee. just like obama's deficit spending

Today we have shipped most of our industrial capacity to Mexico and
China. We have a crisis of not really doing anything here.

and wall street...uh, how did the TRILLIONS of dollars that wall
street paid itself in bonuses

uh...how did that benefit jobs since there have been NO net jobs
created in the last 10 years?

any comment from the deluded right wing?

Right now we are just printing money and hoping we won't ever have to
back it up because we still have not created any real employment for
most of the people who are out of work.

and the economy is improving. over the last quarter more jobs were
created than lost

i realize to the right wing this is a tragedy since they hate the
middel class...but those are the facts

Over 40% of our GDP is nothing but the shuffling of paper assets on
Wall Street (3 times what it was in the 60s and early 70s). We are not
creating any real wealth by hiring workers and making something we
sell, we are just printing money and passing it around to make it look
like we are prosperous.

gee. and that's EXACTLY what the rich have been doing. inventing
financial instruments, selling them back and forth and destroying jobs

but you right wingers think that's great.

When the real crash comes, it will be fast and it will be deep. Money
as we know it could be worthless. All it will really take is the
Chinese, Japanese and Europeans not renewing our bonds.

ROFLMAO!! ever hear of keynes' observation:

if you owe the bank $1000, you have a problem

if you owe the bank $1,000,000 the bank h as a problem

do you think that, with 2 TRILLION in US dollars, china's gonna tell
us to go get ****ed?