Is this the end?
I've been hearing it for weeks now. The recession is over. Stock and housing markets are going back up. We're on the road to recovery. Banks and businesses are posting profits again. In the last 2 years, we've emerged from the "worst economic downturn since the Great Depression" in even stronger and better shape as before.
Bullshit.
Yes, the stock and housing markets are going back up. People are getting loans again so there are competition for homes. Small businesses have their credit lines extended to them once more. Well no shit. You can't pump almost a trillion fictitious bucks into the economy and not have some sort of return. You have banks posting profits. All of them got BILLIONS of dollars in TARP money. What? You think they don't have to pay that shit back? You think they actually know or have a plan on what to do with all that money other than to pad their balance sheets? The banks are what brought us to this point in the first place. And now we're to trust that they have OUR (the nation as a whole) best interests in mind when they go out and spend that money? If you believe that, I have some nice properties on or around the Brooklyn Bridge to sell for cheap!
JP Morgan CEO said recently that he wants out from under the TARP restrictions. He said that JP Morgan Chase is as strong as ever and does not need any federal assistance. Good. Give the money back please. No. TODAY. You can't go out there and say stupid things and not take action about it. If you really don't need the money, if federal assistance is really that big of a burden on you, then GIVE IT BACK. I'm sure the $26 BILLION dollars you took can go to something useful.
Look guys, if it was as easy as just waiting a year or two and have the market start shooting through the roof, NO ONE would be out of business now. No one would be in foreclosure. No one would be out of jobs. The fact remains that unemployment is still at 1980s levels. The fact remains that Citibank, GM, Chrysler, and a lot of other major companies are still on the brink of insolvency. The fact remains that China OWNS the USA.
You've been warned.
Thursday, April 16, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment