“The economy was on the verge of complete collapse”
A “complete collapse”? As in, no more stock market, no more market period, all the machines slumping into disuse, and i suppose mass starvation. No, that’s only what they wanted you to think. That, and martial law, with tanks rolling down Wall Street. Which is seriously what Hank Paulson wanted bankers to think.
What it would’ve meant had we let things go as we ought to have would be massive dislocation. Crumbling markets here and there, especially housing. Plummeting prices and wages. more people unemployed than usual. But the buildings and machines would still be standing. The know-how would still be there. Capital would not be so much depleted as the secret out in the open and everyone knowing how low it really was. But there still would’ve been capital, and maybe people starting to save again.
Instead we have a mad dash to keep the system exactly as it currently is, and the pretence that anything else would be suicide. Even in Greece they’re telling themselves if they can just stay the course and keep on spending things’ll be okay. And we are Greece, only richer and as such with a bit more room left to fail, also with a currency that the world pretends is worth something.
Too bad that McCain bought that “verge of complete collapse” claptrap, especially after his assertion that the “fundamentals of the American economy are strong, despite the ongoing financial meltdown.”
The meltdown should have been allowed to proceed to its natural culmination, and the fever would have broken soon enough, with perhaps less than a third of the dislocation that has already taken place.
But there is a certain mindset that wants to “fix” things, trying to maintain the status quo, even in the face of unsustainability.
Most unfortunately, it affects the political calculations of those who want to lead this nation, and it is accepted by a sufficiently large minority that it affects the election.
Perhaps America deserves the government it has.
“And we are Greece, only richer and as such with a bit more room left to fail, also with a currency that the world pretends is worth something.”
We’re a much bigger, heavier plane, on a much longer glidepath, but we’re still going down, even harder than Greece, if we don’t get rid of 0bummer&Co and reverse his destructive Marxist policies.