Morton Fox (mortonfox) wrote,
Morton Fox
mortonfox

Failout

Demonstrator holds up "Fail" sign behind Paulson and Bernanke

Fail sign behind Paulson and Bernanke


Haha! That totally made my day. Thanks to Jesse Baer for the link.

I've been hearing a lot about the $700 billion bailout today and I'm glad people are waking up to the enormity of the cost, which is about $8,000 per taxpayer. For a very long time, I've lamented that Americans appeared to be sleepwalking into oblivion as bad credit and economic distortions piled up and that the few who did talk about it were dismissed as kooks. Now I have hope that even though we'll still be on the hook for potentially $trillions in toxic mortgage paper, we'll let our legislators know how mad we are every step of the way!

People are Asking the Wrong Question (Got this link from the_recession)

That blog article explains why bailouts are ineffective and throw good money after bad by examining two periods in history, Hoover's 1931-1932 bailout and Japan's lost decade. It's hard to tell what will happen at the moment, but I'll go along with the Daily Reckoning folks in guessing that we're in for a Japan-style prolonged soft depression. However, there is a small chance we'll enter a hyperinflationary period if Paulson and Bernanke don't come to their senses and continue pushing for more and more monetary juice.
Tags: bailout, economics, rude awakening
Subscribe

  • Virtual Conventions

    The COVID-19 pandemic has forced a number of furry conventions to cancel this year due to state and local emergency regulations and also out of…

  • FA United 2019

    Last weekend was FA United 2019 in Northern Virginia. That was my fourth and last furry convention for the year. It'll be hard to cut one convention…

  • Metro Gathering 2019

    The last few years, Metro Gathering was in October and had a Halloween theme. This year though, the geocaching mega event is in September and has a…

  • Post a new comment

    Error

    Anonymous comments are disabled in this journal

    default userpic

    Your reply will be screened

    Your IP address will be recorded 

  • 10 comments

  • Virtual Conventions

    The COVID-19 pandemic has forced a number of furry conventions to cancel this year due to state and local emergency regulations and also out of…

  • FA United 2019

    Last weekend was FA United 2019 in Northern Virginia. That was my fourth and last furry convention for the year. It'll be hard to cut one convention…

  • Metro Gathering 2019

    The last few years, Metro Gathering was in October and had a Halloween theme. This year though, the geocaching mega event is in September and has a…