Thanks to the great Captain Capitalism, who notes on this illustration of our free-falling GDP, that it's “Not adjusted in terms of Percent of GDP, duly noted, but even the KGB and Osama Bin Laden in their wildest dreams couldn't have done this kind of damage.
”You will enjoy the ensuing chaos.”
Somehow, I tend to doubt the “enjoyment” part.
Look out BELOW!
H/T to Cappy Cap:
http://captaincapitalism.blogspot.com/
http://captaincapitalism.blogspot.com/
4 comments:
Quack! Quack! That's the sound of me ducking from the debris this quack is dropping.
Yeah, this is probably going to be a LOT worse than even I thought....and I've been saying "We haven't sen anything yet, the worst is yet to come..." since October of 2008.
The idiotic use of "disparate impact" by a rogue government to undermine traditional lending criteria caused an inevitable recession that was going to cut deep....well into the public sector, as the private sector retrenched, investors became more cautious and both job creation and tax revenues federal, state and local dried up.
Tax cuts and other incentives to businesses COULD HAVE stimulated the private sector and sped up job creation and spurred investment but the Liberals chose to go in another direction.
All across t country, States are looking at "shocking revenue shortfalls" and that's translated into deeper cuts to local Municipalities.
Take New York City as one example, perhaps no place has been hit harder by Wall Street's implosion, but unlike 1975, when NYC went bankrupt, New York State was solvent and the federal government was also in good fiscal shape.
Today, the federal government is tottering on the brink of losing its AAA credit rating, which would put us well on the path to where Greece is today, New York State is in abysmal financial condition, so there's really no where for the city to turn.
There are many other Municipalities around the country in the same condition and as yet not fully aware of that. They'll be in for some very rude awakenings very soon.
This has all the earmarks of the two previous fiscal disasters of the last 100 years....it's always been a Keynesian (big-spending Republican followed by an even more pie-eyed, spendthrift Democrat)!
In 1932, FDR (a spendthrift hoople, who made the Great Depression WORSE), followed up the "Jimmy Carter of that day" (Herbert Hoover - the first "progressive" President of the USA), a man who began the "alphabet soup that FDR built on. The allegedly "brilliant" ("He's a certified Engineer") Hoover's inane dictum was, "Every problem has a scientific solution best implemented by a beneficent government." We all saw the results of THAT. Under Hoover, the money supply was restricted as the economy was growing in the late 1920s. That set the stage for deflation....ironically enough, FDR continued that "tight money" policy.
In the late 1970s, Jimmy Carter (an "uber-Keynesian") followed up the Republican Keynesian (Richard M Nixon who infamously said, "We're ALL Keynesians now"), with even more wild spending, higher tax rates and signed into law the initial assault on traditional lending criteria with the Community Reinvestment Act (CRA).
Same today - G W Bush, especially during his 2nd term was a huge over-spender and he's been followed up by an even bigger, more reckless and irresponsible spender.
Obama ran on cutting taxes and reducing the Deficit....he's not only done neither, he's actually increased BOTH....and even worse (on both scores) is yet to come!
Since late 2008, I was thinking a return to the 1970s ("a 1970s Redux"), but this could be much, MUCH worse!
Barry's marxist ideology is bringing this country to the edge of a real crisis akin to 1929, and not the made-up crap that Clinton and Barry espoused prior to getting elected. But this will be worse: in '29, we didn't have foreign enemies at the doorstep, and a shooting war with them in progress. And there's no shortage of vultures out there, waiting to swoop if the US is knocked to its knees by hoax and change only libtards could believe in (because they think we deserve it, while Barry runs around apologizing for us, and taking potshots at our allies).
I hope 2010 is the start of the death of the Party of Whores at the ballot box. It'll take a generation to fix what Barry has wrought in 15 months, and Pelosi/Reid since '07.
"I hope 2010 is the start of the death of the Party of Whores at the ballot box. It'll take a generation to fix what Barry has wrought in 15 months, and Pelosi/Reid since '07." (SF)
Me too!
Although I suspect they're going to try and blame all their own woes on "the failure of the (nonexistent) Free Market," just as they blamed "the current and ongoing recession on "G W's deregulation and free market policies," when Bush was a stalwart Keynesian over-spender (especially in his 2nd term) and G W Bush presided over an administration that delivered over 1,000 pages of regulation per year AND one of the most expensive and far-reaching pieces of financial regulation in eons - Sarbannes-Oxley!
The uphill struggle Conservatives face is that we must educate people, while Liberals merely have to lie and continue promising "something for nothing."
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