The last charade

going 90 m.p.h. down a dead end road

by dave stanley (5 articles, 1 quicklinks, 7 diaries, 286 comments) on Thursday, January 31, 2008 at 10:38:39 PM
 

They are like the energizer bunny

and their batteries are still working.  They'll come up with something.  Why do I think it's in the "stimulus" package? 

by Michael Collins (96 articles, 16 quicklinks, 5 diaries, 344 comments) on Thursday, January 31, 2008 at 11:56:41 PM
 

Their solution

Their solution to the problem seems to be when you find yourself in a hole is to dig faster. Their so-called "stimulus package" would be laughable if it weren't so obviously ridiculous. What in the world is $600 dollars going to do when you're $6,000 behind on your mortgage? Might as well use the $600 to go buy some sleeping bags and a tent, because you're going to need them.

I truly believe by this time next year we'll find ourselves in the mist of a depression that will make the Great Depression of the 30's look like a sunny day in the park. Whatever chaos this might spur is anybodies guess, but I don't see any of it as being good. It's easy to envision, giving the excesses this administration has exhibited so far and the lack of over-sight or accountability from a fearful and corrupted Congress that they will clamp down harder on the citizenry with even more oppressive tactics.

I'm convinced we're in the grips of a criminal organization posing as a government and that another tainted election (if it isn't suspended for "national security" reasons) will float this sinking ship.

by Mr M (4 articles, 0 quicklinks, 12 diaries, 1436 comments) on Friday, February 1, 2008 at 12:20:01 PM
 

Don't know & damn right!

I don't know if we're headed for a depression. I do know that there's immence creativity and talent that's being suppressed or misdirected in this country and I also know that we've got huge tasks that require immediate attention. So with some common sense and finance expertise, the talent and creativity can bridge the disastrous gap caused by their policies. All we need is some leadership with an independent outlook. Will that happen in 2008? No! Maybe you're right.

As for criminal behavior from the top, the FBI is investigating a conspiracy to take advantage of the housing boom. For them to even release such a charge is stunning. It must be much worse than we imagine. If we start with just the information in this article we know that

in 2001 a highly regarded economist and Fed Governor laid it out for Greenspan with evidence;

that warning was repeated by others along the way;

in 2004, after evidence was in that there would be problems, Greenspan went on record saying "American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage"

in 2006 another warning was issued about how the economist, Ed Gramilich said clearly, "the least sophisticated borrowers are probably duped into taking these products."

That's just this crisis but it is a trememdous heist - trillions in value. So giventhe illogic of the subprime bubble in the first place, the informaiton provided by well regarded experts to Greenspan; Greenspan's dismissal of this despute the evidence; and the contuation after 2006 -- I think it's fair to say this is an enterprise that certainly looks criminal.

Of course, that's not to mention the hidden "boom" - the hundreds of millions of "off budget" money poured in to the pockets of sole source bidders due to the Iraq War.

How about the million plus dead Iraqi civilians, the hidden suicide epidemic among US soldiers returning from Iraq, and the 5.0 million orphans.

And who speaks up about this other than motivated citizens and public servants ready to get fired? Nobody.

Very good points.

by Michael Collins (96 articles, 16 quicklinks, 5 diaries, 344 comments) on Friday, February 1, 2008 at 7:55:19 PM