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Old 08-21-2008   #11
Livingston's Avatar
Denver, Colorado
Join Date: Jan 2004
Posts: 679
the only thing worse is if profits are socialized and risk is socialized.
Worse for who? And it is the loss that is being socialized after the risk proved to be a bad investment.

"I think I handled my alcohol pretty well considering how drunk I was." -Cousin Dan
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Old 08-21-2008   #12
Denver, Colorado
Paddling Since: 1999
Join Date: Feb 2004
Posts: 855
Consider this: In one weekend some unelected officials (the Fed) just added another 5 TRILLON DOLLARS to Americas already existing 5 trillon dollar national debt. They managed to double our national debt in one weekend.

This recent bailout is the only way that they can continue to prop up the system. And, it is just the beginning of bigger and much worse financial shocks. The mess we are in is just the continuation of the bad decision Greenspan made after the dotcom bubble bust. America should have gone into a deep recession after the dotcom bubble burst. But instead Bush and Greenspan worked together to postpone the inevitable by sweeping everything under the rug and buying some extra time.

I can't explain it as good as Peter Schiff does, so watch this youtube video of him explaining how we got to where we are right now. It's an 8 part video series but SO WORTH WATCHING. Also, buy his book Crash Proof ( I think it was Blutzski ?? who suggested this book in another post.. Thanks if you did, or whomever did)


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