Tuesday, July 27, 2010

Fat, idle, stoned? No way! - Saunders - NewsObserver.com

Fat, idle, stoned? No way! - Saunders - NewsObserver.com

That must have been the reason for the "Too Big to Fail" bailouts, to keep all those Wall Street bankers from jumping, leaving the taxpayer to foot the bill. However, I don't blame the Obama Administration, it's both parties, spending borrowed money on an accelerating pace since the end of WWII, and there's no winding back the clock, not with $52T in unfunded entitlements. Perhaps one chance left, reform entitlement spending, but with the possibility of spending reform being next to nothing, we're in for a fiscal shock wave of epic proportions.

Stimulus spending put off the inevitable for maybe two years. 11 of 50 States are essentially bankrupt, even though the problem isn't state spending, it's the federal deficit, $278B in states budget shortfalls compared with $2.4T in projected federal deficit spending over the next three years.

Even a gradual economic contraction persisted over time, which is what we're seeing now, reaches a critical mass. The Second Great Depression could lead to the Second American Revolution. The printing press brought about the Protestant Reformation by putting God's Word into the hands of every man. Newspapers have been all but marginalized since the advent of the Internet. It remains to be seen what will be the outcome of the unleashing of unfettered information upon the masses. Whether we, as a people, will be able to undo the damage or whether this experiment in democracy fails, to be replaced by a police state.

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