Posted on 11/13/2012 5:27:08 AM PST by ExxonPatrolUs
Dr Doom Video Link At Link.
(Excerpt) Read more at m.cnbc.com ...
Thats great news! Didn’t realize we had that much time to prepare.
Thats great news! Didn’t realize we had that much time to prepare.
Complete societal collpase? Not very far to fall....
Yeah, tell me when that happens and how it will look different that what we see now.
We’re getting closer and closer to the utopia all the little idiotic socialists in the world believe in - only it’s going to look different than they imagined. To paraphrase John Lennon -
“Imagine no ambition,
because you can’t achieve,
more than the state allows you,
of your dreams you’ve been relieved.”
When you take away the ability of individuals to distinguish themselves based on their effort, you take away their drive, their dreams, and essentially their humanity. If you want to do well in a society like that, try to set yourself up with some kind of under the table business selling alcohol or drugs. There will be a lot more consumption of those - as people while away their lives without a sense of purpose.
“Imagine no ambition,
because you can’t achieve,
more than the state allows you,
and keeps you on your knees”
FTFY.
Ever since the collapse in Fall ‘08, the future has become foggy, if not dark.
It’s been 4 years of this. I’m tired, I’m tired of pessimism, I’m tired of doom and gloom. I’m saddened for my kids whose future looks bleak as leaders have failed them miserably. There is no leadership, no quest or appetite to make the tough decisions to solve these problems that are/have become insurmountable. I’ve never been a hide in your basement and stock canned goods, doom and gloom, kind of guy...but I’m getting there.
Thanks! That is better - and accurate.
The link does not go to an article.
He’s been saying the same thng since 2009—and the market is up 60%. He eventually will be right.
According to a recent WSJ article, the most recent fiscal year federal revenues approached the record collections of the last year before the meltdown. So revenue is not the problem. Spending is.
Here’s a little arithmetic lesson I give to liberals that pisses them off. The deficit is a $trillion. Welfare spending is a $trillion. Income tax collections last fiscal year were $1.1 trillion. Only a third of the welfare costs ever get to the intended beneficiaries. 2/3 of a $trillion got stuck in the hands of those who decide who is eligible, which doesn’t require much work, since everyone is eligible.
Our cities have spent themselves into debt to the point that they cannot afford to maintain civil order. Eventually, at these deficit levels, the feseral government will not be able to afford to defend us, and this glorious experiment in freedom and self rule will be over.
Now for the arithmetic. To make up the deficit with income tax revenues, income tax collections will need to approximately double. There are not enough rich people to even come close. That means that tax collections from the middle class will need to almost double.
A tax increase of that size would be so devastating to the economy, not to mention to the lifestyles of the upper middle class liberals, that even liberals politicians wouldn’t dare.
Faber may be right.
First and foremost, the tax increase on dividends and capital gains could trigger a selloff, as investors move away from dividend stocks and harvest their gains this year, while rates are still low.
In five years, sovereign debt will paralize government, and completely undermine civil order, as is already happening in Europe.
You should spend a little time in a third world country, you might get a slightly different perspective. We may be headed down that path, but we do have a long way to go...
First, I will LOSE my health insurance. I have affordable catastrophic, which will be outlawed. And taxes within Obamacare affect certain stocks I own, which are declining in value now.
Second, I will not pay the penalty ascribed by the mandate, so I will become a "criminal" for my civil disobedience. They probably won't but they COULD come after me, my bank account, my house, etc.
Third. My house is for sale. I was anticipating a Romney housing rally that would enable the sale and allow me to buy a new place I have had my eye on. That is gone. The housing market will sour again.
Fourth, having lost my job (and group health) under Obama, I now work two part-time jobs. Are they secure? Not really, not now. And with no other jobs out there, the loss of one would mean I could not pay my mortgage. Hello bank. Goodbye equity.
Fifth, I have stocks . . . conservative ones mostly, but in a general market collapse, that would not matter. And I was really excited about Romney's proposal for the middle class to ELIMINATE taxes on dividends and capital gains. As I approach retirement (10 years), that was looking like a tremendous boon to me. Oh well.
Sixth, I commute, and my job necessitates a lot of driving. Gas prices will climb. I live in the deep South . . . the thought of my electric bill next summer (air conditioning) is frightening. (Seventh) I am too dispirited to do anything about it. I am tired of being tired (Romney's phrase), and now I just live under a giant, oppressive cloud. No, the sun will not come out tomorrow.
Well there is still beer.
Yes, there is beer. Thank God! . . . and vodka, but it will all be Russian.
See, you already feel better.
HERE’s THE LINK: http://www.cnbc.com/id/44031717
Yeah! I do! This is cool! So I should drink all day, every day, right?
“He’s been saying the same thng since 2009—and the market is up 60%. He eventually will be right.”
The difference is that in 2009, the Fed hadn’t been through two rounds of “Qualitative Easing” and starting a third.
When interest rates rise - as they will have to for anyone to finance our debt going forward - you’re going to see people get out of stocks like rats abandoning a sinking ship.
The market is driven by one thing: future earnings. When those tank, the market falls. No future earnings: no market. We’re all just the next quarter’s earnings report away from a crash.
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