cancel
Showing results for 
Search instead for 
Did you mean: 
bruce MN
Advisor

We can see "the cliff" from here

With nobody having any idea what might happen in D.C. over the next few days, one economist's view:

 

 http://michael-hudson.com/2012/12/americas-deceptive-2012-fiscal-cliff/

 

Quite long.  Very long, actually.  1st 20 paragraphs sum up his views.  The rest are expansions.

7 Replies
Nebrfarmr
Veteran Advisor

Re: We can see "the cliff" from here

My best hope, would be that 3/4 of Congress, would get kicked out, come the next election.

GoredHusker
Senior Contributor

Re: We can see "the cliff" from here

All I really got out of the article is that we've gone from a might is right philosophy from back in the caveman days to the smart are rich while the stupid are broke today.  The finance industry has become the giant they are today because of all the stupid people rushing to borrow money for things they may or may not ever be able to pay back.  Decades ago, families saved money before making a purchase.  Today, families rush out and buy things hoping they make enough in the future to pay for it.  This is essentially how bubbles form.  Once things can't be paid back, then the bubble pops.  It never helps when the gov't is the one that starts the bubble like when gov't declared everyone should own a house and then penalized the financing industry if they didn't make the loan knowing full well it would never be paid back. 

 

When the gov't decided we needed to go to a World economy, the U.S. really started hemorraging jobs to foreign countries.  When NAFTA was first signed into law, the Justin Boot Company didn't waste any time at all shutting down U.S. factories moving them to Mexico.  The first boots they put out were all of a sudden 12% cheaper than when they were made in the U.S.  It's no coincidence after the U.S. and Canada bailed out GM that all of GM's growth in terms of factories and workers is now in China.  The company that made vise grips couldn't compete with cheap chinese knockoffs, so they just moved everything to China.  The same people that whine and complain about U.S. jobs being shipped overseas have absolutely zero problem going to Walmart and loading up on Chinese made goods.  We as Americans are addicted to "stuff".  We are the reason the finance industry has grown to the monster it is.  We are also the reason the political system has grown into the monster it is.  We are convinced that it is always someone else's fault rather than looking in the mirror.  Cell phones, iPads, cars, etc. are not what made this country great.  However, this is what we're all about now.

GoredHusker
Senior Contributor

Re: We can see "the cliff" from here

We have an old saying around here about end dump trailers.  You have those that have been tipped over, and you have those that are about to be tipped over.  It's the same thing with politicians.  You have those that are corrupt, and you have those that are about to become corrupt.  A wise older friend of mine always has said that everyone is a prostitute.  It's just that some have a higher price tag than others.  With the way the political system is, everyone can be bought for a price.

Red Steele
Veteran Advisor

Re: We can see "the cliff" from here

i wonder how many people have been killed by end dumps tipping over on them? I have just one vehicle with any type of a hoist on it, and I never use it. Someone I knew years ago was crushed when a truck tipped on him while unloading.

bruce MN
Advisor

I'm bookmarking this...

http://community.agriculture.com/t5/Ag-Forum/Say-goodbye-to-the-good-life/m-p/281929#M81504

 

to post whenever somebody "goes there" on the awful miscreant home buyers and builders.

 

The very last line is for the poster I was responding to at the time.  The rest of it is generic.

 

GoredHusker
Senior Contributor

Re: I'm bookmarking this...

Why would it ever be the person's fault who took out the loan?  It's always those greedy banks.  If people saved and bought things with their own money, they wouldn't need a bank for anything other than a depository.  Loansharks would be out of business if people didn't get in over their head and need money immediately.  Personal responsibility has flown the coup.  If people who earn 50K a year can't understand why they can't afford a 500K home, then we really are doomed.  A decade or so ago, production agriculture was somewhat grim.  In order to get cash to operate, some farmers were selling their land to investors and cash renting it back.  Was it the investors fault when the same farmer eventually got sold out? 

Nebrfarmr
Veteran Advisor

Re: We can see "the cliff" from here

A guy I know, who used to be a State Patrolman, ran for the Nebraska Legislature.  He ran on the idea that you should serve no more than 2 terms, or else you start to lose touch of what is really going on in the world.   He said, just look to the majoirty of Congress who have been in the same office 20+ years, and see what ratio still seem to iive the same as their constituents, and still have common sense.

Anyway, to get to my point, he ran for office twice, retired known as one of the most honest people in government, and was asked to run again.   He said 'NO'.   Someone said that we NEEDED more honest people in government, and he replied back, that is why he was getting out while he could, while he still felt he was actually honest.   He said being in the government, was making it harder and harder to keep it all on the straight and narrow.   So, he retired, and found a job at the local farm supply store, where he worked until 65 or a litle more.