The Mad Hatter ( The Fed ) crashes Alice's ( America's ) Main Street tax day tea party revolt by flooding Wall Street with money in a vain attempt to reinflate the credit bubble that just burst while ignoring the obvious fact that consumers are broke and in survival mode.
It's Alice In Wonderland time in America and the Obama financial team just doesn't get that without a dramatic increase in consumer spending ~ the current economic depression will deepen.
The Hatter's ( The Fed 's ) self serving riddle is that more money and credit means more consumer spending. Bailing out Wall Street will eventually trickle down to Main Street, right ?
I can just hear the Hatter saying to Alice ~
Have you guessed the riddle yet?” the Hatter says, turning to Alice again.
“No, I give it up,” Alice replied: “what's the answer?”
“I haven't the slightest idea,” said the Hatter.
“Nor I,” said the March Hare ( Mainstream Press )
Alice's Adventures in Wonderland (1865) is a novel written by English author Charles Lutwidge Dodgson under the pseudonym Lewis Carroll .
It tells the story of a girl named Alice who falls down a rabbit-hole into a fantasy world populated by peculiar and anthropomorphic creatures ~ and that's exactly what America has recently done. Those anthropomorphic creatures are greedy bankers, unscrupulous hedge fund managers and selfish political leaders, starting with George W Bush, who have brought this Republic to its economic knees.
As Martin Weiss ( Money and Markets ) writes " Nearly everywhere you look, today ~ you’ll see video and photos of angry taxpayers demanding that Washington stop bankrupting America ... stop throwing our money at millionaire CEOs who destroyed their own companies ... But sadly, many of our leaders will simply ignore this one-day sensation ~ because they know a single day of protest is nowhere near enough to change things "
The great dilemma is this, according to Weiss ~ " The government’s TARP funds to bail out the nation’s banks are nearly exhausted. But, at the same time, bank losses from this debt crisis have doubled from $2 trillion to $4 trillion, according to the IMF.... .Either we will sit idly by as Washington destroys our money and marches us like lemmings off the cliff of monetary insanity … or we will stand up, fight, and protect all the things we’ve worked so hard for ~ our retirement, our home, our income, and the future of our children." http://www.moneyandmarkets.com/major-announcement-33131
Consumers can exercise enormous pressure on this economy by refusing to play Washington's credit expansion game, by downsizing versus purchasing things they don't need, by saving versus spending, by paying off credit card debt and by holding our representatives to true fundamental structural change versus cosmetic change within the existing unregulated system ~ like bringing back Glass-Steagall.The law that placed a barrier between everyday banking, such as lending and deposit-taking, and riskier areas, such as derivatives trading. That law was repealed in 1999 and replaced by the Gramm-Leach-Bliley Act that repealed many key provisions of Glass-Steagall and was midwifed by the notorious Phil Gramm.
I wrote a column on this personal downsizing process two years ago entitled The Joy Of Downsizing in anticipation of today's economic situation ~ and I'm now enjoying a far simpler and healthy lifestyle. http://blogs.salon.com/0002255/2007/02/18.html
Let's make this tax day tea party into a full fledged consumer revolt and save the Republic in the process.
Allen L Roland http://blogs.salon.com/0002255/2009/04/15.html
