HowardParty Obama- Like 1929 Tshirt
Real Crash- Looking at the Financial System and the War Drive:
Party like 1929
This crash is getting pretty wild. Let's party!!! 1929 may be a picnic to what is coming up the pike. The derivative markets are crashing, and this is literally trillions of dollars. And you want the US Government to bailout all this crap? Now that "deleveraging" and "reverse leverage" has kicked in?
Here are excerpt from a leaflet by Helga Zepp LaRouche (link):
In Europe, it is Italian Economy Minister Giulio Tremonti who, as a government representative, has had the courage to call a spade a spade, when he compared the financial crisis to a video game, in which every time you kill one monster, another pops up. And when you kill all of them, along comes the super-monster, which is derivatives outstanding.
If an attempt is now made to honor what these bankers themselves call "toxic waste,'' then, on the one hand, this leads to hyperinflation, since more and more liquidity is pumped in to try to back up the virtual values; but at the same time, it brings on deflation, since the collapse of the real economy leads to falling prices. This is the reason for the breathtaking speed of collapse of the real economy worldwide--the auto sector, the steel industry, petrochemicals, construction, shipping, etc., etc. And it is a global phenomenon:
Fortunately, there is an historical precedent for how the problem can be solved: We need a new financial architecture, in the tradition of Franklin D. Roosevelt's Bretton Woods System: a New Bretton Woods. This is what Lyndon LaRouche and I have proposed for a long time. Second, we need a worldwide New Deal, such as Roosevelt implemented in the U.S.A. during the 1930s, to end the Depression through state credit creation. For the last four decades, the economy and morality have been completely separated from one another, and a unrestrained dog-eat-dog society and personal profiteering have taken control.
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The Political Brief
Business fail every day for a variety of reasons. Sometimes their service or product becomes obsolete (in which case, they close and modernize if they want to stay in business). Some people spend their profits foolishly and indulge themselves in every crazy whim to go broke. They don't deserve a bailout! People will be out of work, yes, but with the end of the Big Three car manufacturers, the laid off employees will find other jobs (maybe with other car manufacturers. The Japanese car makers that have factories here are doing very well). Both nature and the economy abhor gaps, Howard. Without the Big Three, other companies can grow, prosper and hire the laid-off workers.
People who signed on the bottom line for mortgages they knew they couldn't pay won't be on the streets. They'll go back to renting like they did before. Maybe a little wiser for their mis-adventure!
Once we started bailing out companies who messed up, we opened a can of poisonous snakes that are now trying to eat us alive! It needs to stop, now!