Dr. Housing Bubble 09/28/08

[Crewleader]

The Silent Economic Depression: Lessons from the Great Depression Part XIX:
Revising the Economic Past.

As I stopped by my local grocery store to shop I happened to notice that for a weekend, the number of people was extraordinarily low. Recognizing the cashier I observed, “it really seems empty for a weekend.” Her comment sums up the new feeling that many have. “It feels like we are entering another like Great Depression you know?” Talk of the Great Depression now seems to be mixed in like pasta sauce into talks of the incredibly unpopular $700 billion bail out for Wall Street and irresponsible lenders. Not only has the economic Armageddon talk entered Washington D.C., they are threatening that should you fail to get onboard, your 401(k) will be held hostage.

I find it stunning and opportunistic that these same people who were cheerleading that all was well only a few months ago are suddenly coming hat in hand begging for the largest government welfare check in the history of this country. What is even more pathetic is how they are threatening the debt addicted American public that should this bill not pass, they will need to go cold turkey. No credit for you consumer hamster! Incredibly, in some polls Americans realize the consequences of no bail out but simply do not care. It is like a hamster that suddenly has an epiphany that going on the wheel doesn’t take him anywhere but only gets him exhausted. The prospect has scared the living daylights out of baby boomers who seem quick to jump on the bandwagon since they cannot stand to see any more Fannie Mae, Freddie Mac, A.I.G., WaMu, or Bear Stearns hurt their portfolios. In a way, the cognitive dissonance occurring is that heads you lose (Wall Street and lenders get a corrupt and golden parachute bail out) tails you lose (Wall Street gets its comeuppance but you have to see your portfolio take a major hit).

http://www.doctorhousingbubble.com/the-silent-economic-depression-lessons-from-the-great-depression-part-xix-revising-the-economic-past/

[Emillereid]

1. My husband is the man wearing a barrel in the Los Angeles news clip --

a better link for it is: http://www.latimes.com/business/la-fi-voxpop26-2008sep26,0,3246836.story

[Crewleader]

2. thank you for your posting

and I salute your husband! :patriot: