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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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7 comments:
That chart is a beauty. I wish lots of pain and financial hardship on all flippers caught holding the bag.
anon,
I agree with you, but sadly, our tax dollars will be used to bail all of these idiots out. I hope I am wrong.
"Anonymous said...
anon,
I agree with you, but sadly, our tax dollars will be used to bail all of these idiots out. I hope I am wrong."
So,so,true. Bread and circuses. The people can riot and they can vote! Guaranteed government bailout of the stupid with the bill passed on to the non-stupid, as usual.
People who saved and avoided the debt monster will be labeled as "hoarders". I can see the politicians cooking up a special assessment tax on 401Ks and retirement plans to punish these rich hoarders who dared to "profit" from the misery of others. Oh and BTW, hand over that gold and silver, you trouble-making hoarders!
Can you say American Revolution II?
I'm a hoarder, and I agree that we will probably be the ones who get screwed. Currently, I'm leaning more towards an inflation scenario that would make the bubble prices seem reasonable and savings in dollars virtually worthless.
Inflation is the way most governments have dealt with their debt problems over the centuries. Holders of bonds and people living on fixed incomes are screwed.
Everyone will get paid what they're owed and pols will blather on about the "full faith and credit" nonsense, but in reality the U.S. dollar is going to be debased. What replaces it as the world's reserve currency is anybody's guess.
Not sure if there will be a tax bailout (there are plenty of looming problems standing in line for that), but I think the likelihood of a company bailing one of its executives out of some previously purchased real estate is very high. "Don't worry, Mr. Bob CEO, the company will take care of it. Now go back and whip yourself up a nice big batch of stock options." (Another piece of poor advice from the general counsel.)
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