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Wednesday, August 22, 2007

Things for Obedient Workers to Ponder



Anonymous Anonymous said...

This latest housing thing seems to be similar to something that happened a few years ago in California, and no one remembers it but me. When the dot com bubble burst in California, a lot of high tech types, who had bought (invested in) overpriced houses in Silicon Valley, lost their jobs, suddenly their houses weren't worth as much and a lot of people defaulted on their mortgage. There was a lot of talk of bailing those people out at government expense. One of the local lefty moonbat congresspersons, Zoe something, wanted to give these rich real estate speculators my hard earned tax dollars because they gambled and lost. I don't know if the yuppies got bailed out, but I was kind of shocked at the time that the leftist politicians were in favor of it too. Now it's happening again, in a slightly different form, and everyone's acting all surprised.

8/23/2007 01:19:00 AM  
Blogger Tanstaafl said...

The bailing has already begun. I don't pretend to understand the intricacies but whatever they call it the Fed pumping billions into the market so some con artists and their marks don't get screwed is not free market capitalism.

The history of US economics over the past several decades is a string of bailouts. Chrysler, S&L, LCTM. The finance pros seem to need their diapers changed an awful lot.

The previous real estate collapses I've heard people recount recently on the internet were local phenomena. Dallas, California, New York, etc. This mother is being felt around the world.

8/23/2007 02:16:00 AM  

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