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Enter the New Great Depression

It’s foolhardy to make predictions about the future, but increasing numbers of Americans don’t have much to lose anymore, so why not be foolhardy?

It looks to me that we’re entering into a depression. The recession has already been here for awhile, but now it looks as if we’re going deeper.

You might want to call your bank this morning and check – has it been bought out by Bank of America yet?

This isn’t just a credit crisis, or a real estate crisis. If wages had not been declining for decades, there wouldn’t have been such a demand for credit in the first place. The monumentally stupid economics brought to us by Ronald Reagan never trickled down. Instead, America’s wealth trickled out, as special tax breaks for corporations and the super wealthy left the United States. The fat cats never reinvested their supply-side savings in the United States. They took their money and invested it in jobs and manufacturing resources in countries like China and India.

Then we’ve had that Iraq War (thanks for George W. Bush and John McCain!), which has sent more money overseas instead of investing it here at home. That money has come in the form of dollar bills, converted through the magical processes of defense contracting, into bullets which, one shot, are destroyed forever. Spend a dollar locally, and it cycles through the community five times. Spend a dollar on a bullet, and it doesn’t cycle at all. It’s just spent.

The Republicans are now going to tell the American people that this depression has arrived because there wasn’t enough offshore drilling – although even if all the offshore drilling the Republicans are asking for were allowed, it would save mere pennies per gallon of gasoline. Drill baby drill, they’ll say.

I have another prediction to make: I fully expect the American public to believe the Republicans.

13 comments to Enter the New Great Depression

  • Wow, you’re good with words. I love your comparison of spending a dollar locally with spending it on a bullet – recycling versus a spent bullet.

    Anyway, I share your cynicism/realism. Having worked in public education in the corporate brothel of Seattle, where I became a political activist and six-time candidate for public office, I’m well acquainted with both establishment corruption and public apathy and stupidity.

    Discovering that liberals are just as stupid as right-wingers was kind of scary, but that’s reality. It looks like we’re headed towards the same cliff the Germans and Japanese marched over more than half a century ago.

    Like Hitler and the Japanese warlords, George W. Bush, Inc. is clearly a global derelict, yet we allowed him to remain in office for two terms. And the best we can come up with this campaign year is Obama.

    We’re screwed.

    Thanks for your article.

  • Oh, please WHAT, Sam? Please don’t vote for McCain because he’s supported all the terrible economic policies that got us into this mess? Okay.

  • Sam

    I have stock in BOA…and I understand the Global Investment Banking situation…BOA buying Lynch is excellent, Lehman Bros. folding allows for markets to do what they have been doing for decades, adjusting to market forces. This is a probelm for some and a wind fall for others…that’s business. And…sorry as much as you hate Bush, his econmoic “policies” haven’t done anything to this. He didn’t spend a couple of weeks calling people and having them make bad investments. His policies were not the be all-end all catalyst to the current situation.

    So stick to what you do best…pissing and moaning about how awful America is and all the mass murders we do and leave finanical matters to the adults…moron…dollar spent on a bullet…

  • A windfall for rich folks, and a problem for the rest of us.

    That’s what Bush-Mccain policies have brought us.

  • Sam

    No…windfall for anyone who has BOA stock in their 401K retirement fund…or their Scolastic Share funds…or their Municiple Funds…or…get the point?

  • It would seem you are right up to date. The pity is it has been so frustrating for those of us who have seen this coming for years. Do not forget the debasement of the currency, and the “slave” management orginazations fronting as “temp” agencies. If Bank of America isn’t it then Chase Manhatten is. And I am fearing your prediction regarding the American Electorate will prove to be true as well

  • Darebrit

    It seems that we have finally begun to realize what has been happening to the USA in the last 50 years.

    After the success of the world defeating fascist governments, we were hoodwinked into chasing communists all over the world at great expense in money and human degradation, only to have it collapse under the wieght of its own ideology. Then we set about involving our country in a private vendetta which was supposed to result in vast profits to the Bush/Cheyney Oil barons, only to have the country bankrupted.

    Education standards have been driven down to fill the need for submissive, cheap labor. Our world is being dominated by religious fundamentalists who’s only interest in its congregation is as a source of unregulated money to feed whatever need drives them. And now our government is supplying these so-called ‘faith-based’ organizations with taxpayer dollars.

    Now we are expected to bail out banks and investment groups who have no concern about the ordinary working citizens who go about just trying to live the American dream.

    The same conservative voices who rise in angry chorus against ‘welfare programs’, boldly hold their hands out for assistance when their friends in the money industry screw up.

    Use your vote wisely this year. Insist on government accountability, protection of the Constitution. and complete separation of church and state.

    I do not know who the best candidate is. Both have platforms that I find inconsistent with what I understand about our government. My leanings are toward Obama. But that is only because I find nothing socially or morally redeeming in the McCain package.

    As to the bailing out of the Banks and investment companies. If you put your money in a cardboard box and bury it in the garden, and then forget where you put it. That money is lost. If you give your money to someone to look after and he gives it to his friends to play with and it gets lost, be suspicious.

    Money is not lost if it moves from one pocket to another, that money still exists and must be considered as stolen.

  • Democrat voting For McCain

    Seriously I love the Bush McCain tyin it’s so wrong considering they arn’t even friends and if i remember correctly 2 maybe 3 years ago all the dems were loving him because he constantly switched sides he dosent do party politics… but hey we picked the worst guy for the dem ticket so when we loose ( and we will ) to McCain at least you can know a few things
    #1 he actualy will reform walstreet
    #2 he probably wont spent all the govs money on stupid shit
    #3 he will only make it for 4 years

    also like everyone else said if you would have paid attention and think for yourself you would have seen the market forces. If you dont know shit about the stock market then dont buy stocks buy gold..

    oh and a dollar spent on bullets here is the cycle

    1 dollar gets spent on a bullet that IS made in america
    a worker gets 20 cents of that dollar
    that goes back to the community and cycles
    the bullet cant get remade so the worker gets another 20 cents

    now if you take that same dollar and spent it on oh i dunno a starbucks.

    the worker get .20 cents he goes and buys something made in china he buys at walmart…

    get the idea!

    ok its late and im rambling

  • jm

    I totally agree. We are in a depression. The signs are there. Infrastructure falling apart, Banks collapses, High unemployment (25- 30 %), Takes longer to find a job for 1/2 pay, Rising Medical costs, Rising Gas, Rising Food prices….Personally, I cant make ends meet and have cut back drastically on expenses for the past year. I dont get starbucks, eat out or go to the movies. I brown bag it every day and collect cans. I make average middle class salary. When everything goes up from electric to gas and your salary does not? What do you do? I dont qualify for food stamps…i just feel at this point the government has forgotten the middle class. I dont even know if my kids will go to college.

  • Sam

    Ah…jm….spare me. We are NOT in a depression…not even a recession…it would require two consecuative quaters of negative growth and we have yet to have one. So get your definitions right. And what country do you live in? 25-30% unemployement? the highest in the nation, That’s our nation the US, is 5.5% in the rust belt.

    Your post is bullshit….it’s in your head…go get a second job for your Starbucks and Movie money…

  • paul

    THANK YOU MOTHERFUCK BUSH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  • The unemployment rate is probably somewhere between 5.5% and 30%. Remember – people who are no longer collecting unemployment are taken off the list.

    But your statement that it would take two consecutive quarters of negative growth “to have one” is BS. If that’s the technical definition of a recession or depression, fine. But the simple and obvious fact is we’re screwed. My salary and benefits have been going downhill for years. Jobs are being outsourced. The services our tax dollars pay for continue to deteriorate, while CEO salaries skyrocket.

    It isn’t a pretty picture.

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