Having lived in Argentina and Brasil for five years, you cant help but notice the resistance to change by all sectors of the community including the poor. The concept of " for the common good" is an alien thought and greatly mistrusted because it involves the gov. at some level or other. US has built a country on teamwork and individual pursuit. Probably the only place in the world where an individual can rise whilst at the same time building a team whose members pull together, but secretly imagine themselves in their bosses shoes. However the gloss is wearing off this paint job and as it erodes away so goes the sense of teamwork and collective good. In the years to come, as US pulls out of this self created mess, I imagine the average individual is going to be a lot more savvy and street wise than they have been to date. regards f9
BiLoSellHi Credit/Debt was a parasite and it now risks dying as its host is gravely ill. Intelligently evolved parasites adapted long ago to ensure their host never became seriously ill, let alone died. That would ensure that the parasite would have to find another host quickly, or itself risk death. There is no way to overemphasize the importance of this condition or this story. It will deal a crushing blow to an already staggering economy. "Down goes Frazier!" ............................................................ And at some price ...it works.... When 100 million people had access to $200,000 in credit.....total credit/debt including real estate, ccs, and other forms.... And now 25 million people have access to $50,000 in credit.....in just a matter of a few months time.... Where does price have to go....in order to sell the same quantities ? Where does price have to go to sell 1/4 of the same quantities ? This is the current story at hand.....not forgetting that the savings rate = 0......and the rewards for savings is 0...... ........................................................... ie the example I gave in autos.....finding certain cash streams not currently tapped that better fit the current environment..... ie the difference in the monthly cost of charging batteries vs the monthly cost of fossil fuels....made available as a revenue stream to the vehicles..... 10% point of sale consumption tax only.....eliminate all other taxes... The point being the election of Obama was simply painting the gray house with green paint.....structure has not changed......
It was easy, when someone overseas was willing to lend the money, because they thought the debt was AAA (courtesy of S&P and Moody's). Now, I guess the jig is up, and they realize that the ratings agencies scammed them, and their debtees, are broke. Why aren't the guys in the ratings agencies out of business. They should be.