Our economy is facing a downturn and POSSIBLE small recession. Your economy is facing at the very best, long term severe recession. And the risk of depression is growing - not receding. Guess where most people would rather be living now? And our govt debt (up until last week) was zero. And 3 months ago we had a 1.5% of GDP budget surplus. So we are starting our deficit spending and borrowing program to keep the economy ticking over starting from a point of zero debt and cash in the bank. This is what good responsible and regulated economies do. They pay off debt and put money aside during the good times and spend it during the bad. That way when the rainy days comes you don't have to mortgage your long term future to pay for your short term survival.
-----Original Message----- From: [email protected] [mailto:[email protected]] On Behalf Of Bob Calco Sent: Wednesday, 18 February 2009 10:57 AM To: 'ProFox Email List' Subject: RE: [OT] Australian Government To Regulate Private Regularity > > Glad y'all got that figured out. > > > > The only difference I see is you *had* political pressure to keep > deficit > > spending to a minimum. We've had the opposite. Otherwise I see pretty > much > > the same problems manifesting. > > > > - Bob > > > > > Oh! And the tiny little fact that it was YOUR economy that triggered > this whole thing. Well, what *triggered* it we don't actually know. We know that it was primed by the collapse of the subprime mortgage lending market in the US, which did owe its very existence (and toxicity) to bad government policy ("community reinvestment act" and the related failure to regulate GSEs Fannie and Freddie Mac it spawned, whose securities were at the heart of bizarre international hedge funds that only Tim Geithner, who doesn't know how to operate Turbo Tax, can explain). But who actually started the run on US money market accounts on Sept 18, 2008, and extracted $550 billion from those accounts in a span of two hours, triggering the panic and subsequent credit crunch, has not been determined, for a shocking lack of curiosity. Who did what to cause oil (which is now under $35/barrel) to skyrocket up to $145/barrel at the same time as the banks were failing and right in the middle of an election, we also do not know. Neither anomaly has been investigated, let alone explained. In any case, Geoff was lecturing me about how much smarter Australians are and how immune they are to our problems because they have such fine regulators down under. Apparently he hasn't been following the news. - Bob [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
