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September 17, 2008

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Hmmmm, but who will bail out us?

Bears Stern, Fannie Mae, Freddie Mac, Lehmann Brothers, Merrill Lynch, and AIG.

Any bets on whose next? Goldman Sachs? Morgan Stanley?

Meanwhile, the Fed has been spending our tax dollars to help these unregulated and irresponsible companies out.

Dow Jones went down 400 points today, and the US dollar is in danger.

I don't think we're in a position to be bailing anyone else out.

We can't be laughing at Russia when our own house is on fire.

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[From DR -- Andrew, It's a hiccup. Free markets do that, sometimes they have hiccups.

If your looked at the economic fundamentals, you would see that MCCain is right, the economy is strong. Yes, banks should be cautioned against exposing themselves to so much risk via sub-prime mortgages. They should not set up financing arrangements that are so complicated no one truly understands them.

However, the fundamentals are strong. The US economy continues to grow, quarter by quarter, grinding out steady growth. Americans have the highest per-capita income on earth, US poverty has all but disappeared, income disparities are narrowing, the US dollar is rising, Oil prices are plummeting, and the US leads the world in worker productivity. So many inventions appear in the US DAILY that consumers cannot even keep up with the substantial life-improving benefits that the economy produces..

The MSM, being left-leaning, loves the idea of a "Crisis of Capitalism". It's not hard to figure out why. If it became generally known that capitalism is succeeding in making the world the richest it has ever been in history, well why would we need Socialism?

As I've said before, believing the MSM leaves one exposed to massive mind pollution.

By the way, in spite of the mortgage problems, Americans are doing wonderfully well with home ownership. It is at an all-time high, well ahead of most other major economies.

I have written A LOT on these topics, and you can read them just by searching in GINA COBB under Economics.

Pro Patria]

Bail out Russia? Who is going to bail out the u.s.? When will the american people pay back the money they've already borrowed? China will not support the lazy american economy forever you know. perhaps China will have to forcibly remove american citizens from several states and occupy if the money is not paid back promptly. Bush's economic policies are poisoning the entire planets economic feasibility.
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[From DR -- Thank you for commenting here. However, (1) there is no real econometric measure which quantifies 'American economic laziness'. Please either use terms we can all agree on, or define something for us if you want to use a term in a special way. (2) the Chinese and American economies are highly interdependent. Focusing solely on debt load ignores the immense reciprocal capital exchange and trade which occurs between these two economies. (3) Given that China benefits hugely from access to American markets, your comments don't make sense to me.]

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