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Politics : Welcome to Slider's Dugout
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To: jim_p who wrote (7309)12/14/2007 3:29:18 PM
From: jim_p  Read Replies (1) of 50724
 
Just think....the last time inflation was running this high was back during the energy embargo periods of 1973-1980 and the prime rate back then ran all the way up to 20%. Only then there was plenty of oil, but they didn't want to sell it to us. Today the price of oil has increased from $30 to $90 and we don't have plenty of oil and we have not been able to increase supplies despite the run up in oil prices?

The fed funds rate in the year prior to the embargo was 4.4% and it ran all the way up to 16.4% in 1981. Of course they didn't have our Mr. Bubble Greenspan who has potentially put us in one of the most deflationary periods since the great depression once we get through with all of this higher inflation resulting from higher energy/food prices and wage inflation in countries where we exported all of our jobs to.

And we wonder why Bernie is printing money as fast as he can and lowering interest rates?

First we export our jobs to India/China out of greed to increase corporate profits. Then to keep our economy going we lower the lending standards for all types of loans and lower the interest rates to historic lows and we expect housing and the ever increasing consumer debt from irresponsible lending to carry the economy going forward with no manufacturing jobs to speak of. To make matters even worse we decided to spend a trillion dollars or so to stabilize the middle east. They've only been fighting over there for the last 2,000 years, but with all of our wealth and the most powerful armed forces in the world we didn't think it would be a problem for the mighty US of A.

Now where are we?

The country is going broke.

Our wealth is being transferred to the middle east and China/India and rates never seen before in history.

Abu Dhabi is building what they claim will be the next Wall Street, and the rag heads in the middle east are driving their Ferraris and Lamborghinis to their indoor skiing center in the 100+ degree desert heat laughing their asses off at the stupid Americans.

Pretty amazing times we live in.

Jim
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