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Slouching Towards The Unthinkable

by: The Angelic One

Thu Dec 01, 2011 at 11:40:29 AM EST


Future generations might ask: Where was America when the economic lights across Europe went off? Watching "Dancing With The Stars"? As Americans today are encouraged by its dysfunctional mass media to fixate on all things sexual (Herman Cain, Kim Kardashian, Chaz Bono, et al), the European Union slouches towards considering extreme measures to save the Euro currency - & the global economy itself:

Finance ministers from the euro zone's 17 member nations have converged on the European Union headquarters in Brussels today in a desperate bid to save their currency and to protect the global economy from a debt-induced financial crisis.

The ministers were discussing ideas hitherto unthinkable, now being considered in a moment of utter desperation. Among the previously taboo ideas being mentioned today are: countries ceding fiscal sovereignty to a central authority; some sort of elite group of euro nations that would guarantee one another's loans but require strong fiscal discipline from anyone seeking membership.

How serious is this looming crisis? Well, China administered rough justice to 14 billionaires (its version of the "1%") over eight years for corruption. That approach may find favor with Europeans who might be shocked - shocked! - that the equally corrupt practices of an elite clique of crony capitalists might leave them in financial ruins. It invites comparisons with The Great Depression in its potential magnitude:

The world is watching Europe, waiting upon a solution. It's not just the euro that's at stake. If the euro fails, so too does the 27-nation European Union. Bank lending would freeze, stock markets would likely crash, and Europe's economies would follow. Nations in the euro-zone would see their economic output decline, though temporarily, by as much as 50%, according to UBS forecasters. That economic meltdown would then spread to the U.S. and Asia, who would find themselves caught up in the credit freeze while their exports to Europe would collapse.
The Angelic One :: Slouching Towards The Unthinkable
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Banks Get Downgraded By S&P (0.00 / 0)
Standard & Poor's downgraded the credit worthiness of the world's biggest banks including Bank of America, Barclays, Citigroup, Goldman Sachs, JP Morgan Chase, & Moran Stanley, & Wells Fargo. Was this done because S&P had an epiphany that not even the FDIC can cover the failures of these banks? What will happen when customers of these banks wake up one day & discover their deposits are gone?

I wonder how much we would have paid... (5.00 / 1)
...in FDIC claims as opposed to bailing out these failures in the first place.

A bunch of people would have lost money, but it would have been a hell of a lot cheaper.

Also, I think they should pass a law that says a financial institution can't sell mortgage debt.  If they go out of business because they suck, then anyone with a mortgage trough them is free and clear.  Plus, maybe then they will think about who they give loans too.

"Don't let me get away with it. Check me out. Don't be the sucker generation." -Ronald Reagan

www.inBrockton.com



[ Parent ]
Don't forget (0.00 / 0)
that if the Feds strong arm them to make loans, it's a different scenario.
If the Feds say "make the loans and we'll have Fannie/Freddie buy them up"....we're in a different scenario.

This is why we specifically went with those that don't toss their loans to F/F.  Got it on legal record that they would not sell our mortgage to ANYONE.

"I acknowledge having racist and classist and sexist feelings of white male superiority." -John Howard


[ Parent ]
Contrition Is Beyond Them (0.00 / 0)
Their arrogance blinds them to the growing anger in this country against the bipartisan crony capitalism that threatens to severely disfigure & damage - if not destroy - America. A growing tide of pissed off people have damned both parties & rightly so. If an economic crisis of major proportions hits America, don't be surprised to witness violent backlashes produced by both sides of this fiasco.

[ Parent ]
The Union (0.00 / 0)
MUST FAIL.  Following a softer version of the last Union to fail has the consequences of failure.
We must put to bed this notion of socialism.  It is anti-Constituional and our adoption of it dooms is to failure as well.
It's a proven failure time and again.

"I acknowledge having racist and classist and sexist feelings of white male superiority." -John Howard

I Agree That Socialism Is A Failed System (0.00 / 0)
And while I also agree that the current configuration of the EU is unworkable, I still think that we need to do what we can diplomatically to make sure America doesn't get screwed if The Continent suffers an economic implosion. The backlash might lead to a resurgence in extreme ideologies similar to the rise of Fascism & Nazism that happened during the Great Depression. No need to return to THAT.

[ Parent ]
We are ensuring that we do get screwed... (0.00 / 0)
...when we lend money to Europe with Chinese dollars.

The Chinese lend us money, we lend it to EU, we get screwed, and the Chinese still give to collect from us.

The Chinese don't lend money to the EU...  They are the smart ones.

We should put a halt to it, let them ask the Chinese for money.

"Don't let me get away with it. Check me out. Don't be the sucker generation." -Ronald Reagan

www.inBrockton.com



[ Parent ]
I'm Hip With That, Dave (0.00 / 0)
Our involvement with Europe should be primarily on the diplomatic front. No way in hell should a debtor nation like us start throwing good money after bad - especially when its designed to prop up The Continent's failed model of Democratic Socialism. Let reality deal with the Europeans in a way that will force them to move beyond the European Union superstate (& maybe back to being sovereign nations again).

[ Parent ]
Americans have been lulled into submission..... (0.00 / 0)
We relinquish control of our 401(k) retirement savings to people we have never met and whose name we wouldn't recogize if it appeared on our christmas card list.  We allow unions to educate our kids.  We demand government take ever greater responsibility for the outcome of our lives - including our health.  This is the new America!

We have chosen to give up our own freedoms and liberties so that a group of self righteous liberal bureaucrats can run things more smoothly than we might.  The only problem is that those bureaucrats are con men and criminals and liars.  Which, of course, is why we should be sure to vote out of office anyone holding a political seat for more than two terms....

Blocking and tackling for these con men are the talking heads in the mainstream media.  People, whose only positive attribute is a good head of hair and perfect smile.  Otherwise not a smidgeon of intelligence or integrity - this includes the local Fox station which insists reporting on a single perverse news story every day to get our attention...  This week they are talking about a teacher who starred in gay porn movies, which the local fox channel enhanced by showing scenes from one movie in which two gay men stroke each other's stomachs and smile.  What a bunch of news losers...  Needless to say whenever they talk about gay marriage they show the 2 men sucking face on the steps of the state house.  Hey local Fox news losers - we know what gay men are and we don't need to have you plaster pictures on our television to demonstrate the point...

This is what the MSM reports on instead of reporting on more important issues.  For years a burdgeoning national debt mounted new heights every passing day without notice or attention.  The MSM failed to report on it until we are now faced with financial crisis.  Even now they would rather report on how much yucky stuff appears in apple juice in microscopic levels....

I blame the MSM for lulling the average American into submission.  While Rome burns they prance the Kim Kardashians and Amy Winehouses of the world across their stage to hold our attention.

Ed Markey is now the official 'cheapest' man on earth.  1.5 percent to charity while the average American gave 3 times as much...


Bread & Circuses (0.00 / 0)
Excellent points, V3PN. Our constitutional republic can't survive unless its citizens once again become responsible for themselves, their families, & their neighbors. A nihilistic form of cultural socialism has been allowed to seep its way into the consciousness of a lot of people & the results have been disastrous. Sadly, a lot of people fail to understand the nature of the problem. Will they ever achieve an epiphany?

[ Parent ]
Just one problem with his "excellent points" (0.00 / 0)
V3PN is Exhibit One about everything he criticized.  Instead of taking personal responsibility and save up for a rainy day, V3PN went on the pubic dole and collected unemployment when he lost his job during the Great recession.  Yet here he is bloviating about people who rely to much on government.  He's part of the same intellectual conservative faction that demands that government better not touch their Medicare.    

[ Parent ]
I will respond on this comment simple (5.00 / 2)
I have taken a steadfast policy of no longer responding to you or your progressive friends - some who have now been banned from here due to their ridiculous commentary.  But in this instance I will make an exception since you have leveled an unprovoked personal attack on me - which I hope EaBo makes note of.....!!!!!!!!!

You state:

Instead of taking personal responsibility and save up for a rainy day, V3PN went on the pubic dole and collected unemployment when he lost his job during the Great recession.

Let me assure you that in fact I DID save up for a rainy day.  I always had plenty of money stashed away.  I generally save 10% of my income in a retirement program and then another $200 per week into a personal savings account.  I am a devout saver.  Secondly, the company that laid me off, due to Obama's economic problems, gave me a 6 month severance package including health insurance.  At no time during my unemployment was I in need of money.  Furthermore, during my period of unemployment I worked small consulting jobs as a 1099 employee.  

As for collecting unemployment insurance - we at this website have explained it numerous times to YOU that collecting unemployment is not like welfare.  Collecting it is not based on established need, but rather your terms of separation and previous salary.  The costs are paid for by the employer - not the state.  It is managed by the state, but paid for by the employer.  

So again you have proven yourself a worthless fool with nothing of substance to speak of.  As others on RMG say - 'you are a POS liar'.  I don't expect that you will ever go away as you once promised - but at least stop the personal attacks on people with unfounded false statements.  

Ed Markey is now the official 'cheapest' man on earth.  1.5 percent to charity while the average American gave 3 times as much...


[ Parent ]
His Points Still Remain Excellent (0.00 / 0)
I have no knowledge about the details regarding V3PN's plight other than what he's just posted in response to your comments. Nor do I know what his conservative philosophy is in general. What I do know is that the "excellent points" he made in his post remain just that - excellent. The crisis America faces should force liberals/Democrats & conservatives/Republicans to put aside the partisan bullshit & start solving problems. Even an intelligent liberal such as yourself must recognize that our nation needs to reverse the dangerous course its on or we'll wind up like the night-of-the-living-dead-enders in Europe.

[ Parent ]

Adverstise here for as low as $60 per week.








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