Boring nerds for a boring economy
'with the bill as proposed'Interesting phrasing bonddad. I don't suspect you are now for the bill, but as Buffet weighs in and the candidates don't, it seems as if something will pass. After the FISA, Oil Ban and all the other capitulations, I don't have much hope for keeping the national debt in check.
Bonddad,The big question: How screwed are we? Seriously. I'm not buying into the fearmongering about how everything is TEETERING right on the knife-edge of absolute total destruction.I do accept that everything COULD get completely botched, but I'm not seeing any simple, one-paragraph discussions.I can see that what's being argued for right now is a complete ponzi scheme, but I also am realizing that a whole lot of very intelligent people are realizing that if they screw things up much further, they're going to be hunkering in survival shelters and running from screaming mobs for the rest of their lives.How 'bout a prediction? With the understanding that it's either way off or right on target. What's going to happen in the next year?
This is off-the-wall, but you don't really have a blog up where it would fit more appropriately.In a discussion with someone at work about the Goldman Sachs/Morgan Stanley permission to create banks, the subject of Utah Industrial banks came up. I know zip about Industrial banks. The other person seemed to think that it was certain (per a Goldman Sachs employee they had spoken with) that GS would create a Utah Industrial bank. Big dumb look here. Do you know?utahgirl
The reaper is coming - At the end of the day, fiscal responsibility rests with all of us. Although I am not American, I can sympathize as we went through a similar government debt cycle in the late 1980s through early 1990s. It took almost 10 years to work through - first to break the general denial, next to convince (by wiping out the ruling party so they all would take notice) the politicians to act prudently on fiscal matters, then finally living with the reality of higher taxes and lower spending until the accounts balanced, and finally paying down the outstanding balance. Just as we were making GREAT Progress we get a couple of gents named Harper and Flaherty who decide that rather than pay down that debt before the kids graduate, we should extend it over 50 years. "Idiots".And like the author here, I am a hard core fiscal conservative with a definate left leaning social view.
Bondad - long time reader, first time commenter. Let me just say that I love your blog; it's my only link to the financial world that I don't understand.Anway, called Dodd - whom I supported in the primary - and told him not to pass anything. I told him to listen to the people like he did on FISA. Hopefully, the message gets through.Visit WagTheBlog
Dear all House Members, PLEASE HELPPlease don't bailout these companies by any means!Please don't allow the Fed to further bailout others like they have been for the last few months.Please don't add other few hundred billion dollars (or even trillions dollars) to our national debt! We will have to live with a few less companies, banks, etc., even though this will cost jobs and a deep recession. We'll get through it... were Americans !It's very important that you don't allow our Fed to continue bailing out these institutions, by whatever means or names we call it, including buying non-performing assets or useless notes. Please don’t try to save us by passing any “bail-out” bills.Please however increase the amount of FDIC insurance to over $100k and firm up the FDIC insurance system requirements so we can make it through a very serious recession (possibly depression).I realize this week maybe the last chance WE have to really draw the line in the sand. My last comment;You do realize, this is way to little bail-out money and its NOW much to late to act. The bankers will not be convinced to loan to each other until enough of the failing companies have failed or been successfully consumed (by the federal supported institutions) and the dust has settled. Neither your plan nor Mr. Paulson’s actions can change this outcome. Thank you,US citizen
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