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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: zeta1961 who wrote (102902)	10/7/2011 4:48:02 PM
From: RetiredNow	Read Replies (1) \| Respond to of 149317

Hi Zeta, I don't have a transcript. However, if you have been reading my posts, then you know more or less what Michael Lewis said in that video. The bottom line is that after his world-wide tour and financial investigation of the major countries and banking institutions, his conclusion is that we are headed for disaster. Nothing was resolved from 2008 and all the endless bailouts are just wishful thinking. Zeta, if you want to really know what the US should do, don't ever let anyone who says they are a sophisticated financial wizard tell you anything different than what I'm about to tell you. If you spend more than you earn and you accumulate a lot of debt, then there will be a day of reckoning. You can't avoid it and it will be painful. Countries are not exempt from this simple fact of life. All sorts of folks will sell you snake oil, and you'll very much want to believe what they tell you. They'll try to seduce you with the idea of easy money and that we can sweep all of this bad stuff under the rug and you'll never be impacted. But in your heart of hearts, if you are honest with yourself, you know that it's just the siren's song. There's no easy path. The US is headed towards our own day of reckoning and it will not be denied. All we can do is stop the madness and endless bailouts, take our medicine, no matter how hard it will be, and right the ship for our kids and grand kids. I for one refuse to leave a legacy of poverty and debt for my kids to clean up. I hope enough Americans feel the same way so that we can stop the banksters and the Fed before they steal the rest of what we have left. Debt is not the path to prosperity. A solid industrial/manufacturing and services economy with minimal financialization is the long term path to prosperity. We need to get back to that model as quickly as possible.