The implosion of Wall Street, Capitalism and Our Economy
Yes, another meltdown is coming; it’s inevitable. Just like the last time, we were warned by many of the leading minds – Warren Buffett, Peter Schiff, Nouriel Roubini – even Alan Greenspan. Main St. has chose to ignore them in hopes that they would just go away and everything would be fine.
Everything is Not Fine
It’s time to start listening and to batten down the hatches. It’s going to get rough. The next bubble is coming sooner than you think. Wall St. has taken the bailout money and is gambling behind those closed doors once again – Main St. not welcome.They were supposed to provide loans to Main St. – that’s us, to get the economy moving. Instead, they have used the cash to continue their ‘off-the-books’ speculation.
Jobs are not being created with stimulus money. Has anyone seen the infrastructure projects that were supposed to be ‘shovel ready’ back in March? The real unemployment figures are pushing past 17% now and if we throw in those of us who have simply given up looking, it’s 20%. We now have ‘long-term’ unemployment benefits that have been extended to a year and a half!
What has happened to the stimulus money? Congress has kept most of it to use to keep fellow democrats in office. There is a big chunk ready for the 2010 elections.
“The definition of insanity is doing the same thing over and over and
expecting different results. ”