Worse than that!
Posted on 09/19/2010 8:12:40 AM PDT by blam
Dudeness is gender neutral. ;>
Tea Party’s gaining power - GOP’s watching. Let the GOP sweat awhile before tea party folks let their new ( but still weak) power go to their head.
Nikos,
This isn’t government money that was lost, this is individual household wealth - you take up all of the money held by all American citizens in their primary residence, cars, stocks, bonds, retirement accounts, savings accounts, checking accounts, etc.
The thing is, we didn’t so much “lose” $12 trillion as it was an illusion to begin with because we were in a leverage-induced asset bubble. Was a 2,000 square foot, unremarkable house in California *really* worth $800,000 or was it just that money was so easy and people could lie on the applications they borrowed money to drive up the price, hoping to profit from selling it at a still higher price?
I still think we as a nation got off lucky given how massive the speculation and stupidity was.
The estimates I’ve seen look like it will take us until roughly 2015-2016 to regain all of that money as people using savings and / or pay down debt to strengthen their personal balance sheets. We’ve gotten through it before and we will again. The government just needs to stay out of the way of the private sector.
Change you can believe in.
That's were you and Obama disagree. He like so many in Washington who have never ran a business or had a real job, think they know better than you how the economy should be handled. If they give you the money, you'll just hide it in your mattress or buy things you shouldn't have...
I came across the following from Aristotle's Politics. It has Hussein written all over it.
"Another art of the tyrant is to sow quarrels among the citizens; friends should be embroiled with friends, the people with the notables, and the rich with one another."
"Also he should impoverish his subjects;"
"Another practice of tyrants is to multiply taxes, after the manner of Dionysius at Syracuse, who contrived that within five years his subjects should bring into the treasury their whole property."
"Another mark of a tyrant is that he likes foreigners better than citizens, and lives with them and invites them to his table; for the one are enemies, but the others enter into no rivalry with him."
Does it come in two ply? I thought that Clinton was our first African American President. Stupid leftists can’t even get their talking points straight.
Thank you.
Can anything be done?
Start the revolution.
Lorraine and I both are tired of waiting.
Ping for later reading.
According to these charts, the Bush years were VERY GOOD for the average American!
We need to bring back the Public Stocks. Slap this fool in the stocks and let the people have their way with him...
He is NOT an African American. He is an African communist.
Worse than that!
Yeah but it’s Bush’s fault.
Besides, Reagan ran up debts and no one cared.
So it’s okay if we do it now. :)
/sarc
Thanks for your common-sense posts.
You will find that absolutely nobody is interested in such common sense. People seem to want to believe the falsely inflated values of the stock market and housing boom were actually real in some way.
“Real” values are probably slightly understated at the present, but we have “lost” a great deal less than is commonly supposed.
Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.
Interesting. Didn't know that.
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