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Politics : Politics of Energy
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To: Brumar89 who wrote (6130)3/13/2009 1:59:14 PM
From: RetiredNow1 Recommendation  Read Replies (2) of 86356
 
Is it really? I can see you are having an emotional reaction to what I said, because these issues are more like religious philosophy, rather than dispassionate discourse.

However, let's review what just happened. Was all the financial engineering of the last 8 years useful to furthering industry in the US? How can we tell? Simple. Did national wealth increase sustainably? No. Did debt decrease? No. Did savings increase? No. Did exports increase? No. Did imports increase? Unsustainably through increased debt, yes. Did a bubble get created and burst? Yes. Was there collateral damage from the financial bubble bursting to tangible industries? Yes. Are American assets and future revenue streams being bought up by other countries in the wake of our economic collapse? Yes.

All the indicators are that we let financial engineering get out of control to the point it became one giant ponzi scheme that we can very accurately say resulted in the rich getting richer and those of us who did all the right things saving and working hard, we got poorer. Why is it that the people who at the top of the finance industry continued to get bonuses even as their companies collapsed and the money they paid themselves with came from taxpayer bailouts? I'd say that is a classic example of the rich using their power and connections to fleece people like me and you.

That's the hard truth.
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