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My take on this is this: Flame away, but like I said I am don't claim to be an economist so my opinion is a generalized one.
"Deregulation" is one of the main reasons why we're in this situation along with the massive monetary inflation after all the trillions of "borrow & spend" the repubs did. Making matters worse is all the tax break incentives for shipping our good paying jobs offshore resulting in less assets backing up whatever value our dollar has.
This is the crap I've warned about on wingnut forums for years and got ridiculed all up and down for it by them (that's when I know I am doing a good job when they get pissed off). You cannot have a sustainable economy based mostly on credit and expect not to run into a situation like this. We've leveraged our credit to the point where we don't have anymore credit and some people want to think that going deeper into debt will solve the problem? Oh please.
This is why I believe we Dems are always so negative about the borrow & spend practices of Bush and the repubs. This is why I believe we Dems are always so negative about deregulation (corporate lawlessness). This is why I believe we Dems are always so negative about outsourcing. And on the other hand this is why I believe we Dems have always said we need FDR style regulations. this is why I believe we Dems have always said labor unions are still just as necessary today as they were before.
Republicans are big on anti-socialists individualism but now in their inept ability to identify this problem as being their policies creation they all of the sudden are proposing the biggest socialization in our country's history. Except this brand of socialism isn't for the individual its for the corporation; so that, along with their authoritarianism and militarism indeed makes their ideas in line with fascism.
Did bailing out Bern Stearns solve the problem and prevent this crash from continuing? Did bailing out Fannie Mae and Freddie Mac solve the problem and prevent this crash from continuing? Did the stimulus package solve the problem and prevent this crash from continuing? All of these examples have one thing in common with this proposed bailout - borrowing. And since our monetary system is based on debt instead of actual wealth. This means not only going into further debt, but, also, further devaluing our dollar.
Our number one problem is we have a major credit problem built into our monetary system and when the republicans deregulated; it was no different than giving your teenage daughters your credit card with no restrictions {emphasis added}. Now that your daughters have borrowed & spent us into the poor house, some of us think borrowing is going to solve our problem? Oh please...
IMO we're fucked either way. So since we're fucked either way; why make our reaming worse by borrowing more and rewarding those who fucked us?
We need policies already proven to be successful in making our country the richest after pulling us out of the last depression caused by a deregulated system. We need to revamp FDR's New Deal policies. Make some changes to them as necessary to address today's issues. But, FDR New Deal regulations and policies are what's needed. Not giving your teenage daughters another credit card. Nothing in the universe is more stupid at this point than giving your teenage daughters another credit card and think they can borrow & spend your way out of this problem.
Anyway that's my rant on this matter.
:rant:
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