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Originally Posted by SamIam
Here is a highly interesting and spooky story from NPR.
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"Reagan proved that deficits don't matter." And then the bills come due four and ten years later. We must still pay for "Mission Accomplished". GM is still dumping more expenses on the American public having used GMAC and 0 percent financing to maintain fictional profits. GMAC will now go to the government for what - maybe another $5billion? Because wackos all but protected bin Laden and handed Afghanistan back to the Taliban, we will now spend $1million per soldier per year to refight the entire Afghan war.
We have yet to see many of the debts incurred over the previous ten years. Do not for one minute think the stock market proves a recession is over. The crash in 1929 resulted in job losses mostly in 1933. It takes that long for money games and 'welfare to the rich' to appear as expenses.
Some 15 million Americans are not sure if or where their next meal will come from. One in six Americans is now living in poverty levels. The average American income has dropped 2% in the past eight years. This is not a time to believe things are getting better. We were warned by moderates and economists (using history from some maybe 13 other recessions) that we will be paying for these problems for the next 10 years. We have not yet begun to sell off America to pay our debts.
Most read here in 2005 that a severe housing crisis was pending. When did it finally arrive? 2008. It is difficult to say when or how severe the resulting economic crisis may happen. But we know from history that it is not yet over.
An outside chance says things will not get worse. But nobody has any logical reason to believe so especially due to overt financial mismanagement throughout the 2000s. Any responsible person should be prepared for what could get very bad - for the same reason that a real estate crisis apparent in 2005 finally appeared in 2008.