Posted on 02/26/2010 12:22:23 PM PST by GeronL
What likely scenarios can you think up?
My wife’s penchant for Coach purses...
Good question. But you probably won’t get any answers because once again this forum is having technical difficulties. I’ve tried to post comments and they aren’t showing up.
Another successful terror attack would do it.
Also, another major series of bank defaults.
Like a huge room full of dominoes... set enough of them off at once, and everything goes down.
How the Democrats Created the Financial Crisis: Kevin Hassett ... See More
“Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable. Many who opposed the bill doubtlessly did so for honorable reasons. Fannie and Freddie provided mounds of materials defending their practices. Perhaps some found their propaganda convincing.
But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.
Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.
Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.
There has been a lot of talk about who is to blame for this crisis. A look back at the story of 2005 makes the answer pretty clear.
Oh, and there is one little footnote to the story that’s worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.”
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0
YouTube video clip:
“Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis”
http://www.youtube.com/watch?v=_MGT_cSi7Rs
One more...
“The Democrats and Obama caused the financial crisis of 08 by supporting Fannie Mae and Freddie Mac and covering up their bad books.”
http://www.youtube.com/watch?v=UVVVzEKauzY
I don’t know the answer but it does not take long before the future becomes the present. It is here before you know it.
I would say the economic collapse is already well underway.
I think it will be much simpler, debt holders refuse to buy any more bonds or treasuries at the rates offered and we will be forced to raise the interest rates on those to 1970s levels. This will freeze all economic growth and you’ll have a stagflation type incident like Japan did in the 90s.
It’s likely that at some point a lot of people who work and have worked hard will simply leave the country and emigrate to countries like Panama, Costa Rica, small countries with little bureaucracy. After taking their money, manpower, and skills out of the country, the government will likely end up supporting an entire welfare nation that will go bankrupt and there won’t be anyone to start/run/build businesses since no one will want their businesses in the US because of taxation, forced AA, and other similar things.
THen the US will completely collapse and be left out of future business/diplomatic/military alliances and treaties, business or otherwise.
It’s likely that at some point a lot of people who work and have worked hard will simply leave the country and emigrate to countries like Panama, Costa Rica, small countries with little bureaucracy. After taking their money, manpower, and skills out of the country, the government will likely end up supporting an entire welfare nation that will go bankrupt and there won’t be anyone to start/run/build businesses since no one will want their businesses in the US because of taxation, forced AA, and other similar things.
THen the US will completely collapse and be left out of future business/diplomatic/military alliances and treaties, business or otherwise.
Simple, pump cash into the economy and inflate the debt away. You hurt the little guy but hey, it is an excuse to increase the welfare state.
WTF is going on with FR? I says you have 8 comments but I see only 1
Deflation, as nobody will have jobs.
Odd, my first attempt to reply never showed up.
I’m afraid they have already decided to pump cash into the economy and purposely cause inflation. If you make the dollar worth half as much, the debt is worth half as much.
This will hurt the average person, which gives them the excuse to expand the welfare state.
First FR will start to act weird, Posts will disappear. Then.....
Americans leaving and not paying the HUGE TAX increase obama will inact...Like the people leaving NY and NJ....America having to default beause Obama is spending too much on HC and Stimulus Bills and NOT creating jobs...No NEW source of revenue....(Unlike tax cuts).. Everything is going to add up and eventually like a casino the marker is going to get called and America isn’t going to have the money to pay
Watch for the federal government to start backing its securities with hard assets like land.
Run that scenario forward.
Hello GeronL,
Start selling stuff off.
Come on man. You being a Texan, wouldn’t you like to own say the Alamo? Maybe Big Bend park?
I know I’d like to put a bid on Glacier National. Or maybe the U.S.S> Ronald Reagan.
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