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Politics : View from the Center and Left
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To: TimF who wrote (67822)5/22/2008 8:37:41 PM
From: Sam  Read Replies (1) of 542970
 
And let's take a close look at that word "consumption": the way the left uses it you'd think we didn't PAY FOR EVERYTHING WE IMPORT! We happen to PURCHASE what we import, and when we do the seller usually makes profit - and a living.

Actually, we BORROW (to mimic the writers ALL CAPS as if it makes a difference) in order to pay for everything. It is our childen/grandchildren who will "PAY FOR EVERYTHING WE IMPORT!" Has the writer never heard of our trade account deficit and the national debt soon to spiral up to $10 trillion?

Further, we are paying a price for our comsuning and borrowing with our indebtedness to other nations and in the fall of the dollar. We are essentially placing ourselves little by little at the mercy of the countries we borrow from, including countries that we very likely won't want to be beholden to in the future. We just had to have foreign ETFs bail out our largest financil insitutions from their own imprudence born of greed and stupidity.

There was an orge of consumption in the early 1780s during the Revolution as farmers and manufacturers (those who avoiding have their land/businesses destroyed, anyway) benefited from having a number of armies trapsing throughout the land, and the first credit crunch in our history followed it, accompanied by great distress. We were born in a credit crunch, we have had periodic crunches ever since, and if we never learn from mistakes--it doesn't look like we will--it will mark our fall as well.
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