Does Anyone feel like Bailing

[tw]

Originally Posted by classicman

Do you think it worked? With underemployment and unemployment at what now 17-18% ? Do you think it worked?

We know due to economic mismanagement in the 2000s (ie tax cuts for the rich, Enron accounting without any prosecution, etc) that we created a 2008 meltdown. History says massive jobs losses will occur in 2012. That is inevitable due to money games played and encouraged throughout the 2000s.

The question is - and nobody can answer it - is how bad the inevitable job losses will be. With intelligent people replacing political extremists, we have seen a major economic disaster averted. Now we will learn how expensive it was to avert disaster.

Only wackos would blame Obama for this - as they are lining up to do. As Obama accurately said when he took office (and the overwhelming consensus from the Jan 2009 Economist's convention in San Francisco), we will be paying for the 2000s for the next ten years.

A concept repeated repeatedly. Money games result in economics taking revenge. That revenge is ongoing due to a $trillion wasted in Mission Accomplished, et al, welfare for the rich, welfare to industries such as big Pharma, protection for some of America's least productive industries (ie big steel), all but open encouragement of Enron accounting, subversion of the SEC, a ten year 2% reduction of American incomes, etc. Whereas problems could have been solved at the source (ie bankruptcy of big steel, proper regulation and oversight of finance institutions, innovation required from big auto, honesty about threats to America, mythical tax cuts, the lessons from LTCM, etc). Now everyone becomes innocent victims as economics takes revenge. Lessons learned from history.

We must sell off major parts of America to pay for those money games. Or bankrupt many corporations. Or massively downsize the military. Or further depreciate the American dollar (below the already 40% drop compared to the Euro). Or massive unemployment. Or increase foreign debts. All examples of how the American economy may have to suffer to correct economic money games through the 2000s.

How high must unemployment rise when economics takes revenge? Nobody can say. But we do know this. The American standard of living is expected to drop in response to so much economic mismanagement ten years previous. No way around reality and the lessons of history. It has hardly begun.

The lies of Vietnam in 68 and 70 resulted in misery - years centered about 1979. 30 years later, a new public is doomed to relive the lessons of history. Nobody can say how large unemployment might be to pay for the 2000s. We know this. It would have been a hell of a lot worse if not for intervention at the highest levels of government.

They were given eight hours to save the American economy. It was no exaggeration.