we are no where near the end of this crisis for instance there is a constant increase in personal bankruptcy filings http://www.upi.com/Business_News/2008/05/28/US_personal_bankruptcy_growing/UPI-64091211991481/
Too bad most American's don't realize that it's the Gummint and Fed which have sown the seeds and caused all of these problems... SCREWING WITH THE MONEY! Why do they do it? Mostly GREED. Deficit spending is a form of inflation and currency debasement few of us understand... so, we don't protest. The housing mess was allowed to develop because of extraordinarily loose monetary policies and mortgage underwriting.... Why? Greed of course. I could go on and on you know... So, are they (1) simply greedy, (2) dumb as a mud fence, or (3) is there something much bigger and more sinister behind all of this?
You keep blaming the government and Fed. What about the electorate? They after all vote in these loons. If the US public is economically illiterate then how can you expect them to elect people who actually understand that 1+14 trillion = a hell of a lot of money to pay off? The blame for this mess lies squarely with the typical US voter, for being an undereducated, greedy, lazy, ignorant, politically apathetic SOB.
Unfortunately, I don't think they're stupid. Much the worse, then. They're either milking the public purse for their own enrichment and don't give a crap about American nor Americans... all they care about it their own personal greed... OR, they are INTENTIONALLY destroying the financial fabric of the US for a yet to be revealed purpose. In a sense, it's not all that different in concept that Saddam and Iraq. He had "100 palaces... gold toilets in each". He made it clear that "all of the country's assets were all about HIM.. and the fact that most of his citizens lived in mud huts with dirt floors didn't bother him one bit"... at least he was up-front and honest about it. Of course few Americans have homes with dirt floors. Nevertheless, our Gummint has taken to the belief that, "It's all about the government. America, it's citizens and their assets are merely here to support the Gummint... they can do anything the damn well please, spend any amount of money, steal left and right, lie about everything under the sun... and THAT'S how it is, because they say so and have control.
With all due respect gnome, I do not think that you can rule out stupidity. It is the air around us every day sadly. regards f9
Further more gnome, I am of the opinion that the "stupid" option must remain on the table until we see this thing played out towards it's inevitable sad conclusion. Very reluctantly, it is past performance that draws me to this tragic conclusion. regards f9
I don't know. Can't see how they could claim ignorance on any issue. The mess and damage is all so obvious to some of us, and the Gummint has yet to initiate any policies to reverse the damage... all they know is "print money and bail out everybody". Well, one of these days printing money won't work any more... and that will be dire for us all.
I think ignorance and stupidity are different animals who often cohabit and walk through the forest together taking it in turns to lead. "one of these days printing money won't work any more" Agreed, it is a race to get big business global before this happens. I think that it is becoming a very tight race. regards f9