Originally posted by hammer:
Hey Kingfrog -you hit the nail on the head this time. Some of the "Youngsters" on the forum don't remember the 1970's down turn. Remember standing in line for hours to get 2 or 3 gallons of gas(at any price) or being told the new house you were going to build would cost you from 19-21% interest or returning from the grocery store with only 1 bag instead of the 2 or 3 bags that your money once bought? Yea, tell me just how bad it is today.
Thanks to all the talking heads and a lot of very poor decisions made in the lending business the general public has been convinced we are all going to hell in a hand basket.
And who on earth really believes that government spending is the real answer? Anyone here ever work in retail? Those companies are not going to suddenly start hiring back folks just because someone in Washington thinks they should.
I run a rather successful real estate company and I can personally vouch for how many of our deals the last 2 years were done for folks with marginal credit and no money for a down payment. Did it ever occur to anyone that these buyers did not even have enough cash on hand to maintain a new home? Hell, the feds even had programs these people could attend to learn how to get these "everyone deserves a home" loans.
As far as the car industry is concerned I have no sympathy for them. Even the workers were sold out by the unions who never had the wisdom or desire to protect them from what they had to know was coming. How many decades have they had to upgrade their systems and compete with the foreign manufactures?
Great thread - good place to vent.
Hammer
Indeed You can tell who wasn't around in the 70's buy their ignorance and Press generated "comparison." The are buying the Presses and their boy Obama's gloom and Doom. We actually HAD a PRESS in the 70's. They wee not carrying water for any Party.
I don;t think they even can conceptualize 19% interest rates or a 13% inflation rate. The Collapse of the Steel Industry SIX months AFTER they were "bailed out" by another liberal who once again ushered in a more Conservative movement. Carter was out of his league as President...Obama is the same. He is not in office two months and already he has proved himself to be a total amateur and lap dog for Pelosi and Reid.
Reagan TURNED THAT MESS around in TWO years,doing the exact opposite of what they have done here.
They said trickle down economics wouldn't work...of course those who said so and still say so do not realize EVERY TIME THEY GET A CHECK FROM SOMEONE FOR THEIR WORK,PRODUCT, OR SERVICES IS PARTICIPATING IN TRICKLE DOWN Econimics!!!!
[This message has been edited by Kingfrog (edited 02-13-2009).]
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