( 1 ) there's a bout a million people living in shantytowns in the USA now and this is now accepted as normal. No welfare for adults despite the fact a goodly portion of those people exhausted full UI and no sane person would live in a tent city rather than a real house just so they can avoid the responsibilities and burdens of a job.
( 2 ) Political meltdown. You're about to default on the debt because the republicans say an 83-17% split on cuts to tax raises isn't good enough when their program is 85-15. Raising the debt's interest rate over 2% is the sign of war to the knife. Politics is never friendly, but this is...bad
(3) Regulatory capture: the banks destroyed enormous depositor wealth with their reckless derivatives trading...have they committed to repaying the government for the massive Treasury purchases (this isn't even TARP, this is the other mountain of money that got shovelled to the banks quietly by the Fed)? no, and the banks are still continuing in the same reckless derivatives trading with no reforms or changes or accountability. So basically, they defaulted on their fidcuiary duty to their depositors and then took money out of their depositor's future income streams on top of it, and are set to lose that future income stream derived money too. (Because even if the Fed's balance sheet is separate from the gov't, technically, they can't just arbitrarily take that much debt without an economic effect)
The world's pretty borked economically. We never solved the crisis of overproduction in the modern economy and its come back to devour us.
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timeasmymeasure
not just because I'm depressed
Date: 2011-07-11 06:14 pm (UTC)( 1 ) there's a bout a million people living in shantytowns in the USA now and this is now accepted as normal. No welfare for adults despite the fact a goodly portion of those people exhausted full UI and no sane person would live in a tent city rather than a real house just so they can avoid the responsibilities and burdens of a job.
( 2 ) Political meltdown. You're about to default on the debt because the republicans say an 83-17% split on cuts to tax raises isn't good enough when their program is 85-15. Raising the debt's interest rate over 2% is the sign of war to the knife. Politics is never friendly, but this is...bad
(3) Regulatory capture: the banks destroyed enormous depositor wealth with their reckless derivatives trading...have they committed to repaying the government for the massive Treasury purchases (this isn't even TARP, this is the other mountain of money that got shovelled to the banks quietly by the Fed)? no, and the banks are still continuing in the same reckless derivatives trading with no reforms or changes or accountability. So basically, they defaulted on their fidcuiary duty to their depositors and then took money out of their depositor's future income streams on top of it, and are set to lose that future income stream derived money too. (Because even if the Fed's balance sheet is separate from the gov't, technically, they can't just arbitrarily take that much debt without an economic effect)
The world's pretty borked economically. We never solved the crisis of overproduction in the modern economy and its come back to devour us.