Synopsis
The following is a quote from a rather lengthy email I received this morning about the economic situation and the trend of depressions in the past. It was written by someone named Dick Eastman of Yakima Washington. I am lifting this one quote as the perfect synopsis of what has happened and what I think about this "bailout".
"Nothing is more absurd than what we are doing now, which is borrowing from the international bankers to bail out the international bankers after the international bankers take ownership of all of our foreclosed houses and all of our assets sold to them in our economic distress which has been engineered by them in the first place."
"Nothing is more absurd than what we are doing now, which is borrowing from the international bankers to bail out the international bankers after the international bankers take ownership of all of our foreclosed houses and all of our assets sold to them in our economic distress which has been engineered by them in the first place."
posted by Ren Allen | 1:12 PM
1 Comments:
We are not borrowing from the bankers, we are borrowing from China and anyone else that will buy our treasury bonds. China and Japan now hold (~equally) 40% of our outstanding debt of nearly 3 trillion dollars. The rest of the numbers are here: http://www.treas.gov/tic/mfh.txt
Expect that number to rise exponentially before this recession is over in ~24-36 months.
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