Jonathan Alter on Rachel Maddow is scaring me.

McCain looked like 'uncle ziggie in the zig-zag express this week.' That was funny, but Alter made the case that this is too serious and McBush isn't up to the job.

this could be shades of 1931/32.

to discourage with prejudice ANY card purchases. They have also altered the deposit schedule.

It sure sounds like typical dollar hoarding to me.

I'm freaked out. In two minutes, Krugman destroyed all my enthusiasm for the election.

I remember his jeremiads in the NYT over the past couple of years. Sorry to say, he's right.

God, I wish he had been wrong...

the Great Depression wasn't part of the natural economic cycle- it was a perfect storm of bad economic policies that ran the economy into the ground.

I have been up to this for years, and this scares me

and very depressed. I feel very unprepared. I am pretty angry too. One of my brothers is a bit of an anti-bank, anti-Federal Reserve activist. He means well, but he is out there, living off the grid and writing angry letters to the government. I started really listening to him last summer and the things he was saying have been coming true, such as massive fraud and bailouts, etc. I spoke to him today and told him that I was thinking about him this past week.

we're all Socialists now, so we've got that going for us. :eyes:

:hi:

I don't know enough about this, other than the deep-doo doo part.

:hi:, Patsy! :hug:

The government is going to assume all of the bad debts, totalling about a trillion dollars. That just cost you about $7K, if I hear correctly.

The theory is that the institutions, with the bad debt load removed, will become solvent again and not fail.

That's what I got, but I'm sure someone will correct me if I'm wrong.

Oy.

this freaked out. Both of them looked and sounded scared.

or don't know what the ramifications are. I just spent 5 days w/o power due to a hurricane; what's scaring them?

bush has just paid off all wall street debt acquired by all mortgage companies and brokerage firms through bad risks, questionable lending and also loading up on corporate debt through unnecessary acquisitions and mergers all made possible by the deregulation pushed by republican over the past 20 some odd years.

if i have my analogies correct, if the american public were the parent to freshman college students that is wall street financiers, ceo's et al, then were just paid off $100,000.00 credit card bill they had no intention of paying. so now, as they the college student walks away scott free as if they did no wrong, we the parent is left holding the bag full of bills.

add that to bush's tax cuts, afghanistan, iraq, rebuilding new orleans/Galveston, the medical bills for war veterans in addition to the lesser know debts racked up over the passed 8 years we are beyond bankrupt. also as a result of america's debt load, us currency will probably be even more devalued.

i heard krugman say tonight that this opens the door to sweeping tax increases at the ability for fiscal conservatives to call for strict cuts into stalwart social programs and the privatization of social security and medicare/medicade to relieve the burden to the federal budget.

meanwhile wall street goes on about its business.

oh, so true.

...behold the platform of the big-business socialists. :eyes:

At first I just liked dissing him, but it's slowly become apparent that it the thought of him in the WH is downright blood-chilling.

His rash, off with his head! statement about firing the head of the SEC is yet ANOTHER example of how he would govern. Hot-headed and reactionary.

What a steaming pantload that was, huh?

Here is just one example from early in Bush's first term (March 2001), from the sycophantic Peggy Noonan, writing in the Wall St. Journal:

"All new crews in the White House make a million mistakes. But these people seem not to be making big ones, not yet. It continues to look as if the adults are in charge, and Mr. Bush is looking like a young man who's up to it and maybe more than up to it."

http://opinionjournal.com/columnists/pnoonan/?id=85000738

Some straight talk from Joe ; http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4039267

:hug: Now, I feel a little better...