tag:blogger.com,1999:blog-5458828685045169768.post3046129559994179760..comments2023-09-02T11:11:00.465-04:00Comments on Comedy and Politics: "Awful" "Depression" Are Words Being Used to Describe Right NowJohn Knefelhttp://www.blogger.com/profile/08720060029170021410noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5458828685045169768.post-29995639398376690052008-12-09T01:42:00.000-05:002008-12-09T01:42:00.000-05:00what you are witnessing the the start of something...what you are witnessing the the start of something FAR worse than The Great Depression - which, incidentally, have predicted for years.<BR/><BR/>The US produces nothing. in the 20s, we were still heavy in manufacturing, which is an industry that adds value to an economy. The service industry (90%) of all jobs right now adds nothing. We can't all be each other's butler, someone has to produce something to pay the bills. We haven't produced much in 30 years, instead used credit to put off the bad news and keep out standard of living high. Well, unfortunately, that's going to end.<BR/><BR/>Even worse, Obama seems intent on throwing gas into the fire by supporting these obscene bailouts and 'stimulus' measures. He can print money to hand out, but the money is meaningless.<BR/><BR/>Being a politician first and foremost, he is going to do what he can to stabilize house prices - which is a huge mistake. Houses are overvalued for a variety of reasons (email me and I can elaborate) so the only way to keep that nominal price is to cause hyperinflation. That will temporarily appease the public...but it won't improve productivity - which is the only way to create 'wealth.' He digs us into a deeper hole with every dollar he prints and gives to wall street (an industry that not only doesn't add to the economy, but exploits its weaknesses for the financial gain of its members).<BR/><BR/>There is no one to really blame except consumers who have long lived beyond their means. But its important to oppose the current policies - which is attempting to fix excess spending by using credit to throw money at failing industries.<BR/><BR/>This is the topic I can go all day on. <BR/><BR/>http://www.davidangelo.info/article_02.phpD. Angelohttps://www.blogger.com/profile/08447873760461416081noreply@blogger.com