Scare Machine
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Scare Machine
| Tue, 09-30-2008 - 12:44am |
I'm watching a rerun of an earlier broadcast of Larry King Live. He's had Suze Orman on as well as Paul Krugman and Ben Stein. They all agree that we are screwed. Krugman and Stein (from opposite sides of the poltical spectrum) spent most of their time agreeing with each other and reinforcing the gravity of the situation. Both say that things will get worse and for a good long time (years) before they get better. Both seemed to think the situation is so bad that a nationalization of some banks like was done by Sweden may be necessary to rescue the economy. Orman is predicting that credit card companies will soon be sending out notices reducing credit limits, etc. I think that the scare machine is taking this is seriously, probably more seriously than most of us.
Sopal

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Sopal
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I wish they'd go the Swedish route now, rather than trying the bailout which probably won't work anyhow.
I agree it will be a long downturn. Paulson wouldn't have come begging if the larger consumer/small business credit markets weren't already at risk.
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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php
http://www.youtube.com/watch?v=DQTBYQlQ7yM
This is real and serious.
I am four years away from retirement and with the stocks taking these huge nose-dives, I am afraid to look at my 401k and my pension that is invested.
There is plenty of blame to go around, deregulation of the Bush Administration, outlandish CEO salary and golden parachutes, business fixing it so people could qualify for large loans AND people trying to
"keep up with the Jones's"
I saw suze on larry king as well and I really had a light bulb moment.
Ask your self can you live on a cash basis only?
you said it, we even stopped christmas presents since macy's has nothing to do with Christ's birth.
Bet the Amish aren't worried about the credit crunch!
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