Monday, October 13, 2008

Hold on a minute

Before you pop the cork on that bottle of Dom stop to remember that the fundamentals have not changed one iota. We're still in debt up to our eyeballs and nothing has changed other than world leaders pulling out the credit card and saying help yourself. I've said it once and I'll keep saying it until somebody starts listening " you can not borrow your way out of debt".
Like a teenager in debt who's finally hit the magic drinking age goes out with his first credit card forgets his debts and spends like there's no tomorrow. Then that statement comes and with bleary eyes and a screaming headache Jr. opens the bill and realizes he'll have to work thirty years or more to pay this back if he's lucky.
I've heard nothing of the details on the international bail out other than nations will buy shares of banks and try to back deposits. Sounds like they're just trying to cover their own asses on this. Nothing in the bail out says anything about the bad debt or mortgages both here or abroad. Sadly in the long run we'll just have to eat it. Like a hundred bucks you lent to the drunk teenager just kiss it goodbye.


MRMacrum said...

The DOW is up 660 points today. Or was a few minutes ago. Everything is fine now. The talking heads are all smiles and Life is beautiful again. Why be such a gloomy gus? Pull out that credit card. It's safe again to spend money you don't have.

Yes, we will be the ones to bear the brunt of covering the stupidity we allowed to happen right in front of us. The buck always stops with us when it comes to money and who ends up paying for the meal.

BBC said...

We're still in debt up to our eyeballs

Looks behind me, oh, those folks. Well fuck it, I owe the would less than a few hundred bucks and I don't pay taxes anymore so I guess you guys get to pay for it all.

Now that you have some ownership in banks do you suppose that you can tell them how to run them? Ha ha ha.

Who is really going to get stuck with the bill is the youth, they're pretty much fucked and a lot of them don't even see it coming.

I'll tell you how to make some money right now. Find a free car, tow it to an empty lot, provide some axes and sledge hammers and charge folks a buck or two a blow to smack it so they can take out their frustration.

Really, and just put the cash in your pocket and walk away smiling because you don't have to claim the income.

BBC said...

Really, I just read about one couple that paid fifty bucks just to smash some dishes.

Demeur said...

I like it Billy. I could paint faces of Bush and Cheney on the side and get all the retirees who got screwed in this mess. Now I hear some of them have to go back to work.

I hear home prices in Florida are so low I could just about sell my place here buy a place there outright and still have enough to retire on.

Roger Owen Green said...

Just spend, baby, spend. The oft-quoted stat is that 70% of the US economy is consumerism. If Americans don't spend as they did before, our economy will not be "healthy".

Something just inherently wrong with that.

BBC said...

I wouldn't move to Florida if they gave me free land there. Bad storms, high heat in the summer, often high humidity, bugs, lots of frigging bugs.

And all sorts of nasty critters that bite. Spent two years there in the Navy, fuck Florida. And the monkeys there are stupid.