Jim, there was a reason that the government made up regulations that separated insurance, banking, and investment interests years ago. It was a little something called The Great Depression. So when psuedo-conservatives--conservatives in name only--came in striking up the band for deregulation of these industries, it just showed how short the memories--or lacking the history education--were of those in power.
Now, if you tell someone that they are now allowed to do something they previously couldn't, how long do you expect them to NOT do what you just allowed them to do? That's how we got where we are today. Greed today and greed in the 1920's are the same...and business has no morals if the people there are driven by profits over principles. Business isn't inherently bad, and never has been; but unregulated human nature has ALWAYS been bad.
So now the taxpayer gets the bill, so far to the tune of a TRILLION dollars, give or take a few billion. Without the bailouts of the past few weeks, the economy would've already started toppling like a bunch of dominoes. And worse yet, there's no guarantee that it still can't happen, because this problem goes a lot deeper than we've been allowed to see. You certainly don't think the Freddie Mac and Fannie Mae bailouts occurred on a Sunday strictly by accident, do you? Wall Street is closed on Sunday.
So how does the country bail out of this mess, without raising taxes? Simple...they print up tons of money, and the dollar becomes worth less and less, just like the currency of third world countries like Zimbabwe. There's simply NO good outcome to this, IMHO. "A loaf of bread for a denarius," indeed... And with China owning most of our debt, two possible scenarios arise: either China starts refusing to buy any more US government debt, and the nation goes bankrupt alone, or China decides to collect on what we owe her by forcible repossession, i.e., taking over this country.
So don't worry about losing your equity in the family farm...because it's not just the farm, it's the entire nation that's at stake here...and China's not going broke anytime soon; can the USA say the same?
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
... [Read Article]
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