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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (149200)	12/6/2008 2:31:42 PM
From: geode00	Respond to of 173976

The financial industry was hidden from view. They have put the US into a massive debt and money printing bind to the tune of $8.5 trillion give or take on top of our base level deficit during recession. Right now, as far as I can tell, they are sitting on US taxpayer money, making interest on it by loaning it back to us (!) and not lending to companies and consumers. This is what the Japanese banks did. Our banks may also be using this and $140 billion (!) in tax breaks to buy other companies, pay bonuses in the billions and depression-proof themselves...they are a drag on credit as they aren't offering much. Real estate should not have formed this incredible bubble after the market crash and the end of the big bull in 2000. The only reason it made a bubble is the gambling and outright fraud from the financial industry. Money that would have been spent on useful things went into over inflated housing and other over inflated assets. As far as I can tell, the financial system (not all intermediaries, but most of the big ones) took cash from the economy, gambled it away and is back for more. There is some indication that the federal government guarantees are causing another mortgage bubble even while commercial mortgages and other loans are teetering or maybe cratering...hard to tell. From what I can see, the situation is so dire that I can see where a few more missteps can keep us in a very long and deep recession that may feel like depression in some areas. The unemployed+given up looking for employment number is reported to be over 12%. That's why I think this is a great opportunity for radical, permanent change not just putzing around on the margins. Some employers are still resistant because they think they have a competitive/control advantage by holding onto health care but they need to get with the program and demand universal single payer. My two cents.