My Beautiful Wickedness


Read it and weep.
August 14, 2008, 1:44 pm
Filed under: Uncategorized

Over a quarter of a million US homes entered foreclosure last month, up 55% from this time last year.
Seventeen percent of all homes currently on the market are being sold after a repo.

Oh, and our inflation rate is soaring.

Why in the hell would anyone — ANYONE — vote Republican this time around?

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7 Comments so far
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Because raising taxes and increasing regulation is probably the last thing a nation should do while in a naturally-occurring economic global downturn?

Or is Bush to blame for France’s troubles? Spain? The UK? Japan?

Heck, even China and India are slowing down.

I think we both know that these things are cyclical.

I’m no fan of Bush these days, but I’m hard pressed to think of any specific policy, unique to his administration and independent of congress, that would be a direct cause of either problem you highlighted. But I’m open to suggestion.

We will come out of this in short order, unless our government does something stupid in an attempt to “fix” things, exacerbating the problem. That’s what happened in the early 70’s.

Comment by Slartibartfast

My grandfather keeps saying that this isn’t so bad. Then again, he lived through the Great Depression, so yeah.

Comment by Angela Gordon

Naturally occurring is not a phrase I’d use to describe something humans create and sustain, like economic systems. It’s all artificial (if mind-bogglingly complex) and when people talk about “cycles,” they don’t mean something you can plot like El Nino — otherwise, few people would be surprised at the way and the speed with which things unravel. (Help, I need a macroeconomics guy, stat.) And yes, US economic and foreign policy bungling has hurt all of the places you mentioned. We’re the biggest trading partner in the world. When we stumble, everyone around the world falls.

True enough, it’s not Great Depression bad in New York. However, in eastern Kentucky, if it weren’t for marijuana and meth sales, there’d be many a family without enough to eat. (I think that my mom said that in her county, one-fifth of the adult population was either on welfare or in prison.) The marginal places are hitting bottom and my county (usually reliable, as a center of state government) has 5% unemployment and rising. I actually think it’s going to get a good deal worse in the next year or so, especially if we have a colder than average winter. But what the heck — doesn’t hurt to be hopeful while you make plans to bundle up.

Comment by bridgett

Economic not a natual phenomenon like gravity!?! Most of my fellow DNM advisees (especially good ol’ DL) would be shocked! Wash your mouth out with an Enlightenment-based model of human behavior!

While it is unfair to point directly to the Bush administration’s policies alone in this matter, it is still likely that the large-scale de-regulation of financial institutions that has been going on since the 1980s helped contribute to the insanity we are seeing today.

Also, the situation involving the dollar and some of the uncertainty in international financial circles has some connection to the massive increases of the deficit.

The ongoing degradation of necessary infrastructure, both physical and intellectual, and the increasing concentration of wealth are both real problems that the GOP’s “cutting-taxes-for-the-rich-will-save-everything” response will not fix.

Comment by Gerald

Bushco’s policies of defunding as much as possible of the social welfare system (while actually increasing corporate welfare) and the unconcsionable passage of usurious lending practice laws during this term have not been a major to the average american. Add to that the several TRILLION dollars that have been/are being/will be wasted to prosecute the idiotic “War on Terra”. Oh, yeah, I blame those GOPerv shitheads. Oddly enough, a lot of the stuff that was done in the 70’s was also done after a major drain of public dollars for the Vietnam War. Anyone who says that wars are good for economies discounts the human carnage that results from such a fucked up view of economics.

Comment by democommie

damn, that should have been,

“…and the unconcsionable passage of usurious lending practice laws during this term have not been a major BENEFIT to the average american.”

Comment by democommie

I see it in my work….more and more people forced to give up the things that provide them equity to draw on (homes) and the auto, the way to get to work.

Although honest to gods, I wish the emotional tone of stories written about able bodied drivers being “forced” to take trains, carpool and using public transit would stop being such weepers.

I’m geniunely sorry if it causes hardships for kids, if their parents can no longer afford a car, but, in the areas where public transit exists and is genuinely able to get them to and from work, if it’s just that adults don’t *like* public transit, or they’re *above* taking a commuter train…

Suck it up.

But yes, how anyone could believe the economy is ‘strong’…

Yikes

Comment by imfunny2




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