New Political Rant

mac · Posted: Tue Sep 23, 2008 3:58 pm Post subject: New Political Rant

I fear that many of us have forgotten the source of wealth in these neo con times with the biggest bailout in the history of the Country waiting in the wings. First, let's look at the problem. The National Debt in 2000, when shrub took office, was about $5.8 trillion. In real terms (adjusted for inflation), it had fallen slightly during Clinton's term, and we had a balanced budget for the first time in years. Now, it is over $10 trillion, with Congress asked for virtual blank check for $700 billion, essentially doubling the deficit under the "spend but don't tax" Republicans.

Now I've studied the great depression, and Keynsian economics, and I think that some market intervention is warranted here. But rather than gloat at the "flip flopping" of the Republicans, I am worried that everyone has forgotten what the sources of wealth are. When I arrived in California in 1962, it had an impressive infrastructure that positioned it well for growth. The freeway system was the best in the world, the water system compensated for the arid nature of the climate, it had reasonable airport access, it had good schools, and it had the best public university system in the world. It is not an accident that population and wealth both increased rapidly. While California did not get all of the economic boom engendered by the railroads, it clearly benefited from this investment in public infrastructure that helped business create real wealth. This continued in the 1970's and 1980's as Congress, California and local governments pumped billions into wastewater treatment. The public investment in this infrastructure freed private enterprise to develop business opportunities, as it does so much more efficiently than the government.

Now, we seem to have forgotten about our economic history, and we think that business is the only source of wealth. More perilously, looking at our binge on cheap abnd risky credit, we seem to think that speculating in home ownership somehow creates wealth. Building a home or a subdivision, building a business, building a freeway or railroad--these create wealth and new value. Flipping houses just transfers wealth among players, and if done recklessly, jeopardizes the whole system.

There are no free lunches. Fighting a war, whether well intended or effective, without paying for it has simply devalued the American dollar. We will pay for our debt with some combination of de-valued currency and inflation. But politicians of both parties, including both presidential candidates, continue to promise the American public that they can have it all and pay later. Meanwhile, our infrastructure, and particularly our higher education system continue to erode. I fear that this, rather than terrorism, is what is diminishing America's capacity in the world.

pshaw · Joined: 24 Apr 1996 Posts: 75 Location: Mill Valley

I grant you with what I have lost in the stock market in last month I will be unable to by a new quiver of sails for, oh let's see, the next 100 to 500 years, but other than that, I don't see what the entire collapse of our economy has to do with windsurfing. Hang loose man! The water and wind will still be there. And you won't be limited by having to go to work either. Look on the bright side.

sergem · Joined: 24 Oct 2003 Posts: 398

swchandler · Joined: 08 Nov 1993 Posts: 10588

Well pshaw, is that"no worries", or maybe "what me worry"?

mac has raised an interesting topic that I would definitely like to comment on after some thought. If you just want to be focused on windsurfing topics, certainly it would be easy to avoid this thread in the future. Nobody is twisting your arm here.

allen · Joined: 13 Aug 1996 Posts: 237

"Hey Barack, how come you're losing to a Lancome rep who thinks the Flintstones was based on a true story?"

gregorvass · Joined: 21 Nov 1996 Posts: 1113 Location: Behind You

DO WE MAKE ANYTHING????

I MEAN CHINA MAKES ALL.

TURN AROUND THE ECONOMY WE HAVE TO START MAKING SHIT!

AT LEAST SOME SMALL TURTS.

DON 'T YOU THINK?!?!?!?!?!!?

MalibuGuru · Joined: 11 Nov 1993 Posts: 9300

Dems have been in charge of banking and finance commitees for the last 2 years. They've been in charge of banking oversite. Today the dems said they couldn't do anything with regard to the $trillion bailout unless it is ok'd by McCain. Why? They are a bunch of Pussys. They are afraid of taking charge of or responsibility for this crisis prior to the election.

We could be on the way to a depression if the flow of credit and insurance are shut down, and they are playing political games. Either way we are all screwed.

Welcome to socialism again. They tried it in the 70's with Carter and the dems in charge. We're gonna get it again with Obama, Pelosi, and Reid. More power to em!

keycocker · Joined: 10 Jul 2005 Posts: 3598

The Congress all seems to agree that it needs to be NOW.
The Administration is ready to alter the simple plan they have to allow oversight and a couple of other changes but will not budge on the part where a billion or more of your tax dollars will be spent on buyout (firing)bonuses to the CEO's whose companies screwed up. The good old boy network is ready to change seats with each other as long as they continue to get superrich at the expense of the American people.
That part is set in stone.
Fire them all if they get tax money and sue them for all the 100s of millions they charged us to ruin American finance.

ctuna · Joined: 27 Jun 1995 Posts: 1125 Location: Santa Cruz Ca

Ever see the movie Idiocracy. We are already there.
After World War 2 we had every advantage . Plentiful Resources , educated people and a moral standard were people were decent to one another. We invented and produced everything ourselves. Gradually at first and then at wholesale madding pace we sold all our advantages and squandered all our resources till now we have a society built on consumption, which can only be sustained by cannabilizing the wealth that's left. The government both sides allowed criminal and unsound processes to run free under the name of deregulation even after the S&L debacle of the Regan Years.
Welcome to the Fall of the Roman Empire Version 2

allen · Joined: 13 Aug 1996 Posts: 237

Hey Bard, how did socialism taste under Clinton from '92 to '00? What didn't you like about it? The huge rise in the stock market? The balanced budget? The blowjob from the intern? Really SUCKED didn't it!!!! What we need is a genius like Palin in there after 8 yrs of the biggest moron ever. Keep voting for people who don't believe in evolution, it'll help the cause.