Originally Posted by jazzguru
SDW2001, you actually believe economic collapse = the "end of the world"?
I didn't mean it literally. I assumed that was understood.
Do you not realize that - unless drastic reforms are made (such as ENDING THE FED) - economic collapse is inevitable?
I don't know if the Fed needs to be ended, but I agree drastic reforms are needed. These include massive spending and tax cuts, entitlement reform, etc.
We were in a better position 5 years ago to deal with an economic collapse than we are today.
But I have hope that revolutionary digital currencies like BitCoin
will take off in the next few years. They could become viable alternatives when the dollar finally collapses.
I think the dollar CAN be saved, but we have GOT to get spending under control. The dollar is only losing value because we cannot stop spending. The Fed has decided that the only way we can get out of this is through inflation. That's the issue. We have not passed the point of no return, but we're getting there soon. I predict that the next Congress and President are going to get a good handle on things.
Originally Posted by MJ1970
First, I'm not claiming it would have been pleasant or that there would not have been serious and bad consequences. But that's a far cry from the end of the world.
Come on...you guys really thought I meant literally?
Second, I'm not claiming an outright or overt conspiracy but...there are a lot of very tight, intimate and strong connections to Wall Street. Additionally, even absent that, I'm not even saying that some of those people didn't actually believe that the end of the world was nigh. I'm sure some did. I'm saying their fears, their misconceptions and their analysis was wrong.
No disrespect, but why is yours right?
It is highly doubtful that this would have been the end of the world.
I'd say carrying money around in baskets and not being able to buy food at the grocery store is pretty close to what most Americans think of as the "end." Maybe not the literal end of the world, but the end of the American way of life.
Finally, I hope you'd to apply the same degree of skepticism to the fear-mongering from the previous administration as you do from the current administration. They are different shade of the same color.
I wouldn't say the same degree, because they are not the same. I am skeptical in general though. I was just asking if you had any evidence to support your theory.
What's hilarious is you calling one stupid and the other critical. That's all.
That's because they are different. We're talking about an emergency bailout to keep the entire financial system from coming down versus the bailout of two companies that needed bankruptcy protection anyway. And yes, I do believe there was a good chance the entire financial system would collapse if Bear, Merrill, AIG collapsed. It would set off a cascade of failures across the globe.
Simply not the same thing here.