'Bailout' rapidly transforming into Handouts...

http://www.msnbc.msn.com/id/27373962/

 

Well, that was how it was intended to work. Gotta get 'credit' moving again. Credit, credit, credit. Not wealth. Credit.

The whole system relies on debt. I personally don't see this lasting another 100 years without enormous upheaval. For better or worse, something is going to change.

I've often thought that since the bankers came up with such an ingenious method of loaning out money that doesn't exist, that some day they may actually invent a new mathematical system as well so it can last forever.

Most will have to agree, that there is a point in time set right now. We're heading towards it. There's a point in time when ALL tax revenue collected will be going to social security, medical benefits, interest on the debt and nothing else. There won't be anything left over. In fact, I've heard it straight from the mouth of a financial expert that was intimately involved with the treasury department.
It has to eventually happen as costs and population soar and the national debt compounds into oblivion. Then what do we do? Right now it is guaranteed that the U.S. will eventually default someday. And suddenly all these govt. bonds that looked so safe are going to look real bad in a hurry. But people will keep gambling, like a game of musical chairs.

I would have to say that our wealth is actually decreasing. People need to get real. A lot of what this country was built on is going away. We don't produce hardly anything anymore but food products. The big 3 automakers will ONLY survive because of the bailouts they got and will be getting. Eventually, they will be totally gone. Japan and China have the electronics market covered. Anything that can be outsourced for profit is and will be. Our wealth is going in the opposite direction of the national debt. It won't be paid back. Any sane person will realize this. Any time money is needed, it is printed. Daily. And lent to our government with interest. This is a failed scheme that probably won't make it another 100 years, IMO.

 

SO the bonuses that this bailout bill will the financial industry to give out is all in the name of credit. Ahhhhh, I see.


http://www.time.com/time/business/article/0,8599,1853846,00.html?imw=Y

 

No doubt much of it is going to and has went to waste already. I'm not denying that. My views on where we are and where this thing is headed will be plain to see here.

 

My own belief is that the economy was going to fail anyway. The stock market was going to tank anyway. It was a house of cards based upon nothing and has been for a lot of this run up.

The $700 billion, especially the way it was passed, is just a waste.