We will NOT be out of the mess until the creators of
it (The Fed, JPM, Citi, Bank of America, Wells Fargo, etc.)
are allowed to implode, and the government focuses its bailout
efforts on the real, not fictitious US economy. Which is
why, I think, the automakers must be bailed out, while the
banking bailout package needs to be withdrawn. No, they
did not mismanage the auto companies. The Fed mismanaged
credit and the currency, so oil went from 10 to 150 in 8
short years. Now
oil went back from 150 to 50, and after all these efforts to
create fuel efficient cars these companies got screwed again.
Unlike WS, they actually are the backbone of the American
economy. There are other great American companies as well.
Boeing. Technology. Intel. AMD. Apple. Even Google. Those are
the backbone of the US real economy, they don't do
speculation, they do real stuff. They must be preserved,
and we need a stable currency for that. Boosting consumption
through more credit? Geez, that's a solution that created
this problem. Bailing out speculators again? Letting real
economy collapse? Geez, that's really excellent policies,
we'll have nothing left but the speculators, so the currency
will go to zero. Nothing produced = zero. |
