This is the kind of thinking that will make this crap last a decade. Welcome to socialism/communism. Let's go to pretend land and pretend that prices are where we want them to be so no one gets hurt! Its complete b.s. and it will only delay the inevitable. If you take the pain now, only the overleveraged lose. If you wait and prop things up, everyone loses.
You may be right or you may be wrong. Unfortunately, no one knows. But as someone who's supported the free market his entire life, I'm no longer an idealogue. I'm not accusing people of being socialist or communist or marxist. I just know that our system is definitely broken and we (maybe, not you and me, specifically) broke it. Can we fix it so it last longer then seventy years this time? Or do we need a new system that takes into account all the changes of the last century? And do we have to use old labels? I don't have the answers, but I'm glad to see that some people on ET have thoughtful ideas, rather then labeling things as socialist or communist or anything.
So, in your opinion, a depression is inevitable, and we should just let everything collapse. That way, we can get an early start on rebuilding. I admit, you could be right. But I'm not willing to take the chance that you're completely wrong, and we really can come up with a compromise that allows the economy to deflate but not fail. I sometimes wonder if people grasp the concept of total economic failure and, mostly likely, the failure of capitalism that would follow. Are you under the impression that a depression would only involve a few lost jobs and no more iPods for the holidays?
Can you please explain this? I keep hearing this from people such as yourself that want the economy to run its own course "naturally" - - - and as part of their logic and thought process they claim that "ONLY the overleveraged lose." Please explain how that is true and known to be FACT.
Of course I can't claim that it is FACT. You keep on claiming that total catastrophe would happen if banks were allowed to fail. You don't know that as FACT either. What I do know is that propping up entities that do not function properly is foolhardy and goes against everything that is capitalism. Let the crap companies fail. Do not reward idiocy.
Now Santelli is on the boob acting like an ass. His first rant had entertainment value, but now he's just acting like a child performing for the camera. CNBC is whoring itself out for the ratings. It's just ugly.
I thought he was even better tonight talking to Kudlow. He threw the mortgage bailout plan up in the air. Santelli for President!!!!!!!
Maybe, I was harsh about your first post. I see we agree on some things! I just don't think we're socialist yet. I mean from where I sit, it's still every man for himself in terms of health, job security, retirement and housing. But I agree with you that our form of capitalism has failed (twice in 70 years.) It's time for some other kind of economic system. I don't know what it is. But rewarding the failed systems of old isn't right either. I'd rather bail out every American family (which we could with the money we're giving out to the failed institutions and companies) and get them debt free and start from there!
The USA is the only country in the world where a guy like that would get a public forum and strike a chord. Unfortunately the people he strikes a chord with are maybe 20-30% of the population only. Current US govt policy, and public attitudes can be summed up this: 1) Reckless economy-destroying real-estate speculators a.k.a. 2% condo-flippers, 98% "home-owners" (i.e. 10% down RE gambling schmucks) = good, need to be bailed out and helped, not jailed for 10 years+ 2) Conservative economically beneficial investors, daytraders, small-businessmen, and sound managers of large companies = bad, must be punished and taxed to hell, preferably jailed on BS charges if at all possible, otherwise capriciously change the law to ruin their livelihoods, socially demonize them etc The human race are scum and this is just one of those times where they show their true colours more obviously than normal. Fuck humanity.