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Misguided Spending Will Only Take Us Deeper Into Depression
#1
What can I say? I don't think any of this has been handled right though I couldn't tell you why.

Misguided Spending Will Only Take Us Deeper Into Depression
Posted: January 17 2009

Quote:D time,D for depression, more funds released to banks, more spending now is throwing gas on to the fire, Feds play with money like drunken sailors, Non insiders to be vaporized,
Just as we predicted, the US Senate, which is now indisputably the most corrupt body of elitist bootlickers on the face of the planet, has approved the disbursement of the second half of the TARP (Troubled Asset Relief Program) funds to the bankster-gangsters, some 350 billion worth, thus ensuring that the elitists are given their next serving of middle class flesh by the megaton for a whorish feast of epic proportions.

Pushing the already contemptibly corrupt senators to administer the coup de grace to their constituents were President-elect Barack "Spread the Wealth Around" Obama, who fanned the Fannie and Freddie flames during his term as a US Senator, doing all that he could to make sure that loans were given to the unqualified who should never have been given loans under any circumstances, thus ensuring the subprime debacle and the nationalization of the Scylla and Charibdis of the home mortgage industry. Joining him in the bout of Senate arm-twisting was his new lead economic advisor, Larry "Quadrillion Dollar Derivative Death-Star" Summers, who, as President Slick Willy Clinton's Treasury Secretary, lead the charge for deregulation of the financial industry that killed the safeguards, checks and balances provided by Glass-Steagall and that led to the creation of an unregulated, opaque and highly leveraged market of weapons of mass financial destruction backed by largely naked counter-parties, which were foisted on the unsuspecting worldwide by virtue of the conflicts of interest made possible by the nullification of Glass Steagall, with a large part of this market hidden from the view of bank investors by off-shoring the assets in SIV's (Structured Investment Vehicles) and the like, keeping them off balance sheet.

Don't you just feel "warm fuzzies" knowing that Obama and Summers will be in charge of the next half of the TARP bailout, a/k/a the PPPP (Paulson Ponzi Plunder Plan) as they and the new CCCP (Clintonite Cabinet of Con-Artists and Parasites) get ready to take us into stagflation and depression, leading the dead-head US public down the path to financial destruction like some sort of deviant group of pied pipers?

These miscreants will let you know about the details of any impending equity injection and stock purchase by the Treasury to be made using the second half of the TARP funds, which is not helpful since they have carte blanche to do whatever deal they feel like, and could care less about the opinion of the US public. But look at the bright side, at least we can then calculate the degree to which they are screwing us by throwing hundreds of billions down the rat-holes of totally insolvent banks to enrich their cronies while we get hyper-inflated into oblivion. They have also promised to limit executive salaries of bailout recipients. Big whoop. They already got their juicy salaries, bonuses and dividends via the first half of the TARP funds, which they extorted from us under threat of martial law and PPT-orchestrated stock market crashes. Now they will get more cash to hoard. Supposedly they have to prove that they are using the funds to increase lending. Yes, they will lend more to one another via FDIC guaranteed interbank loans and will make token loans to the public so the fane-stream media can trumpet all the wonderful help the peons are getting from the banksters. It's just the same old, same old. Incidentally, John McCain voted against the release of the second half of TARP funds, probably after he saw it was going to pass anyway, to make some political kudos.

Then, of course, we have the new stimulus plan of some 825 billion, which Nero (Obama) will use to rosin up his bow so he can play his FDR fiddle as visions of Keynesian governmental interference dance in his head, and as Rome (the US) burns to the ground. That's right, let's throw gasoline on the fire so that Rome can burn all the hotter and so that the agony of being burned to death can be extended for as long as possible.

Nero can't raise money for all the bankster bailouts by directly taxing the middle class due to campaign promises. Tax and spend is off the table. So instead, he will spend and inflate, which is really the same thing. Inflation is, quite simply, an insidious tax on the lower and middle classes, spreading the disease of money germs created out of thin air to fund evil government objectives so that the IRS does not have to collect necessary funds directly from taxpayers. But higher prices are even worse than a direct tax, as they tend to spiral out of control. At least with a direct tax you can control how much taxation is levied. With inflation, the degree of "taxation" is often in the hands of corrupt speculators who drive prices up to absurd levels to enhance profits. This will inevitably lead to price controls, which will create even more imbalances in markets for the sale of goods, thus making the stealth tax of inflation even worse in the end by causing wild gyrations in supply and demand and by forcing people into black markets where true prices will have to be paid anyway.

The SSS (Second Stupid Stimulus), contrary to popular belief, contains very little in the way of traditional state infrastructure projects, with a measly 7.5% being put that purpose (with an additional 4% for federal infrastructure), which is bound to disappoint governors and state legislatures throughout the US who have grandiose plans for the SSS money. But at least that will limit what Illuminist contractors and their illegal immigrant workers will scarf from taxpayers. He will create about 4 million jobs based on the most generous estimates, mostly temporary, at a cost of about $200,000 each. This is just more make work projects that will do nothing to heal the economy or to restore our manufacturing sector. It's mainly an unemployment, welfare and tax-break plan.

Missing from both the TARP (second half) and the SSS are any funds for the auto industry, which could provide some lasting and good-paying jobs, but that would help the middle class too much, so certainly we can have none of that.

If we're going to splash money around, how about spending $1.6 trillion to put a brand new, American-made hybrid car into the hands of each American family. That's 80 million cars, spread over 5 years at $16 million per year, at about $20 thousand a piece, to be paid for by our government direct to our auto companies. Not only would that put millions back to work and keep millions more working, it would help to restore and retool our auto industry. The gas savings alone, over time, would provide a greater stimulus to our economy, on a permanent basis, than the temporary tax breaks in the SSS, and many who in the past could not afford to get to work would now be available to work, thus reducing unemployment even further. Eighty million cars getting an average of 45 mpg instead of 25 mpg, would save a family driving an average 15,000 miles per year a total of 267 gallons of fuel each year for the life of the vehicle. At 2 dollars per gallon, that would save each family $532 per year for the life of the vehicle, and you can double that at 4 dollars per gallon. That is $43 billion saved per year at 2 dollars per gallon, and 86 billion at 4 dollars per gallon, or an ROI (return on investment) of 2.7 % at 2 dollars per gallon and 5.4% at 4 dollars per gallon. That sure beats the near zero return on treasury bonds, money markets and bank accounts -- ya think!!! In addition, that would reduce our oil consumption by 2.8 million barrels per day, more than the production cuts just announced by OPEC, using a roughly 2:1 ratio of oil used to gasoline produced, and this would help to keep the price of oil down. Then consider the reduction in pollution and greenhouse gases. And we could move on to the next, and far better generation of fuel efficient cars every 5 years, with ever greater benefits as a result.

And if you don't want the car, you can sell it to someone who does and save the cash or spend it. How's that for a freaking stimulus!!! After all, it is you, the taxpayer, who, in the end would be paying for the car anyway. This would also be a good way for the rich, who pay a good portion of income taxes, to give back to their country after reaping mega-benefits under the Caligula Administration. Screw all this ridiculous welfare BS. Let's get back to work and make things again instead of pandering worthless, fraudulent derivative paper to foreign sucker-dupes so we can destroy the world economy to pave the way for a one world Orwellian police state. Big Brother, eat your heart out!

That is how you run and stimulate an economy if you are a government. You help to produce tangible things of real value that continue to return money and savings year after year.

One thing is for sure, all these trillions being bandied about by the Fed and the Treasury like a bunch of drunken sailors on a pirate ship, a most fitting metaphor, are a surefire formula for hyperinflation. This will provide a temporary shot in the arm to our economy that the elitists will use to complete the Big Sting Two. You can already hear the shills talking about how the doomsayers were right so far, but that these problems will soon come to an end via government stimulus, making buffoons out of the gloom-and-doomers. Yes, we will get a weak, smoke-and-mirrors recovery from the creation of money out of nothing by Buck-Busting Ben, the Magnificent, as he pulls Federal Reserve notes out of his hat (and out of his helicopter in a grand finale). Obama will be declared a genius as everyone sings "Hail the Conquering Hero." The bands will play, the fireworks will fill the sky, and you will hear "Happy Days Are Here Again" being played on liberal public radio stations around the country --- AND THEN THE DESTRUCTION WILL COME!!!

The Big Sting Two, for the benefit of newer subscribers, is the process by which the elitist inside traders will dump all their dollar-denominated paper assets, such as stocks, bonds and derivatives, out of public view via unregulated dark pools of liquidity, Project Turquoise and Baikal, and via the unregulated OTC derivatives market, after which they will plow the proceeds into purchasing real tangible assets such as gold, silver, commodities, real estate, vehicles, plant and equipment, infrastructure, etc., also through these unregulated markets as much as possible, to keep the public from figuring out what they are doing until it is too late. Thus, they will leave non-insiders holding the proverbial bag full of paper assets denominated in a worthless fiat currency that was once the world's reserve currency, better known as the dollar.

The Big Sting One took place during the Great Depression and the inside players and banksters are again working from the same playbook this time. They will make you think there has been a recovery as the stimulus money hits the economy. Banks that were hoarding cash under orders from the Fed will suddenly start lending again, mainly to each other, but with some lending to the public, as a new round of speculation creates a false-flag rally in the stock markets and the real estate markets. All the money they have sterilized until now will come flooding back into the system, along with a lot foreign cash from foreign insiders who are allied with the Illuminati in their final caper to rob the public blind, thus creating more asset bubbles in stocks and real estate, although the bubbles will be muted somewhat by the faltering world economy.

All this lending will be supported by the SSS and all the taxpayer largesse that the banksters have received via various Fed facilities and the TARP, while losses continue to be hidden through "creative accounting" methods. The banksters do not want you, the public, to know that they are really insolvent, so they can continue to both loan and borrow money in furtherance of the final rip-off and transfer of wealth from the middle class to the mega-rich.

They will try to hide their purchases at first so they can buy into real tangible assets as cheaply as possible, but gradually all that cash that is being pumped into such tangible assets will cause a horrendous inflation and gargantuan asset bubbles that will ultimately drive interest rates up, implode the bond market, and set off a thermonuclear explosion in the interest rate swaps, with notional values in the hundreds of trillions of dollars. The world economy will then lock up in a cryogenic state, and there will be a resounding crack-up-boom, followed by the greatest world depression of all time.

Insider millionaires under the Big Sting Two will become billionaires, while non-insider millionaires become beggared, pauperized and vaporized. Non-insider billionaires will be running for cover as well. Gold and silver, along with their related assets, are your only refuge under this scenario. If you can't beat these miscreants by igniting gold and silver before they complete their fiendish plans, then you will have to join them by buying the same things that they are buying. That will make their plans much harder to implement, and will reduce their profits while saving you from abject poverty, which is what most Americans will face who were too ignorant or complacent to take action after learning about what was happening to the economy and what they could do to protect themselves. Gold and silver are your crucifix and wooden stake against the attacks being waged against you by the Dracula's and Nosferatu's now running amok inside the ranks of the Illuminati. Guard yourself with gold and silver, or they will suck you dry!!!

Money, money everywhere: Once the $825 billion stimulus package is in place the 2009 deficit will be close to $2.3 trillion. A legacy from the imbecile we had as president for the past eight years. M2 is up 20% and we see zero interest rates. Financial and monetary expansion is unbelievable. For the past five months M2 and MZ are up 20%.

Over the past eight years there has been absolutely no fiscal discipline coming from either the White House or Congress. Five years and $900 billion off budget spent on the occupations of Iraq and Afghanistan and yearly budget deficits of $650 billion a year, if you include surpluses from Social Security and Medicare. Oblivious to what was happening around them economically and financially, this group of incompetents and crooks were a year late with a woefully inadequate stimulus package.

While this transpired 25 of 50 states were over spending like money would flow forever and in many cases they are still doing so. Politicians and professional employees couldn’t help themselves. The housing bubble would last forever. Today’s chaos was yet to arrive and few had any foresight – they discovered what mental midgets they were when they found due to lack of revenues they were over budget by 10% to 30% and that retirement investments had fallen some 25% to 40%. Few anticipated the revenue shortfall and less anticipated the collapse in world markets. Talk about bogus.

Then we had the corrupt daisy chain. The lenders, rating firms, mortgage originators; appraisers and sales people all abandoning any reasonable underwriting practices in liars’ loans and out and out fraudulent loans on a scale unimaginable just several years earlier. Then banks, investment banks, government and Wall Street panicked and you know the result. Everything seized up and a credit crisis ensued. Now we face a “Greater Depression” as Gerald Clemente puts it and he describes it well.

The result is zero interest rates worldwide. Credit is still very difficult to obtain and we have already entered the second great depression. Money and credit is being created and offered to special interests at the top of the financial chain, but little is offered for more than half the population.

Last year gold was up 8% with only the dollar and treasuries doing better. It has done its job of protecting assets. From here on out gold and silver related assets will be the only safe harbor. You saw the numbers in the last issue, so you should understand the long-term protection it brings.

There is no question the “Greater Depression” has begun just two years after we announced the beginning of the recession that was only foreseen by a few pundits. Yes, it is D-time.

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As Gary Lloyd said, "When the government’s boot is on your throat, whether it is a left boot or a right boot is of no consequence."
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#2
You better get used to the idea the free market economy is dead, and is to be replaced by a fascist economy/politics merger with a whole lot fewer, and mostly by national governments run enterprises.
"You know, Paul, Reagan proved that deficits don't matter." Dick Cheney
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#3
quadrat Wrote:You better get used to the idea the free market economy is dead, and is to be replaced by a fascist economy/politics merger with a whole lot fewer, and mostly by national governments run enterprises.

Occasionally you make sense Q.
As Gary Lloyd said, "When the government’s boot is on your throat, whether it is a left boot or a right boot is of no consequence."
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#4
Sigh!...

How long will it take for the naysayers to understand that the Free Market wins because it works the best? It has taken a long time for mankind to make the world small enough so third world potentates aren't isolated and the end-all and be-all to everything.

After WWII, it wasn't the Marshall Plan that was the template of success. The Marshall Plan wasn't even allowed in Germany. The people there didn't even have a significant male population to use as a work force - they were spread all over Europe in work camps building infrastructure destroyed in the war. It was the implementation of the Free Market and supply-side economics that jump-started that country. It didn't matter that the rest of the world was against them...the system worked.
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#5
quadrat Wrote:You better get used to the idea the free market economy is dead, and is to be replaced by a fascist economy/politics merger with a whole lot fewer, and mostly by national governments run enterprises.
Lucky you. You made your bucks in the free market (even though it was under the noses of the commissars), enough so that you could retire young, as a big strapping German in the little people Thailand world. Why would you now want to deny others the same exemplary opportunity?
Jefferson: I place economy among the first and important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty, or profusion and servitude. If we can prevent the government from wasting the labors of the people under the pretense of caring for them, they will be happy.
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#6
WmLambert Wrote:How long will it take for the naysayers to understand that the Free Market wins because it works the best?

It took FDR about a decade ... and even then it took the efforts of quadrat's fore bearers to fully shake us out of the funk. It's going to be a while. Any efforts bring the private sector to bear (reduced capital gains, easing of regulations, etc) gets muted in the socialist cacophony of free infrastructure, free internet, free renewable energy, free healthcare, free R&D and freewheeling monetary policy. In other words ... this ...

Washington's brain trust much too busy devising clever ways of fighting deflation with inflation to take the time to consider where where wealth comes from or how it's created.

It irks me to say it but Q has a point. Our government has already seized the financial market ... with a take over of the auto industry lurking in the wings. Planned reimplementation of the "fairness doctrine" will put them in control of the media as well. Lord knows how long it will take or how screwed up things get before those tentacles loosen their grip.

Even Obama is downgrading expectations ... saying that instead of months it will likely take years to 'fix'. Notice that no one is talking about a "soft landing" this time around. It's unlikely that people today will have the same patience with living in mud up to our necks like Americans did in the '30s ... but on the other hand, they may not be given any sort of choice. Either way, it's going to be a long nasty ride.
"Democracy is the theory that the common people know what they want and deserve to get it good and hard."
-- Henry Mencken
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#7
I don't say that fascist merger is bad. Responsibility is needed in times we're running low on resources, and the destruction of the environment will ultimately destroy us. WmLambert told you what the ultimate evil is,
Quote:
How long will it take for the naysayers to understand that the Free Market wins because it works the best?
Free Market. Not that it has ever been "free" because competition is what capitalism fears like the devil holy water, and the capital has always been instructing its national governments to protect it against competition. However, they managed to waste and squander with no limits anyway, and that must end. Diversity of goods and services will somewhat diminish, and the consumer will not be instructed so much anymore what he's got to desire and own. Good so. Besides, quite a ridiculous statement, WmLambert, when your world order is collapsing. :lol:
"You know, Paul, Reagan proved that deficits don't matter." Dick Cheney
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#8
WmLambert Wrote:Sigh!...

How long will it take for the naysayers to understand that the Free Market wins because it works the best? It has taken a long time for mankind to make the world small enough so third world potentates aren't isolated and the end-all and be-all to everything.

After WWII, it wasn't the Marshall Plan that was the template of success. The Marshall Plan wasn't even allowed in Germany. The people there didn't even have a significant male population to use as a work force - they were spread all over Europe in work camps building infrastructure destroyed in the war. It was the implementation of the Free Market and supply-side economics that jump-started that country. It didn't matter that the rest of the world was against them...the system worked.

A recent case study in the inefficiencies of governmental policies to spend a country out of a despression is Japan. There is a good summary of its lost decade on Econlib (http://www.econlib.org/library/Enc/Japan.html.) The drop in real estate prices (80%,) a lot of debt financed stimulus (135 trillion yen!,) governments goal to "circumvent banks’ unwillingness to lend", bailouts of inefficient firms. A lot can be seen today in many different countries and nobody takes note of what happened in Japan.
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#9
SNK Wrote:A recent case study in the inefficiencies of governmental policies to spend a country out of a despression is Japan. There is a good summary of its lost decade on Econlib (http://www.econlib.org/library/Enc/Japan.html.) The drop in real estate prices (80%,) a lot of debt financed stimulus (135 trillion yen!,) governments goal to "circumvent banks’ unwillingness to lend", bailouts of inefficient firms. A lot can be seen today in many different countries and nobody takes note of what happened in Japan.

Those who do not learn from history are doomed to repeat it.
As Gary Lloyd said, "When the government’s boot is on your throat, whether it is a left boot or a right boot is of no consequence."
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#10
SNK Wrote:
WmLambert Wrote:Sigh!...

How long will it take for the naysayers to understand that the Free Market wins because it works the best? It has taken a long time for mankind to make the world small enough so third world potentates aren't isolated and the end-all and be-all to everything.

After WWII, it wasn't the Marshall Plan that was the template of success. The Marshall Plan wasn't even allowed in Germany. The people there didn't even have a significant male population to use as a work force - they were spread all over Europe in work camps building infrastructure destroyed in the war. It was the implementation of the Free Market and supply-side economics that jump-started that country. It didn't matter that the rest of the world was against them...the system worked.

A recent case study in the inefficiencies of governmental policies to spend a country out of a despression is Japan. There is a good summary of its lost decade on Econlib (http://www.econlib.org/library/Enc/Japan.html.) The drop in real estate prices (80%,) a lot of debt financed stimulus (135 trillion yen!,) governments goal to "circumvent banks’ unwillingness to lend", bailouts of inefficient firms. A lot can be seen today in many different countries and nobody takes note of what happened in Japan.

And thank the World Bank, along with the IMF, for getting all those keysenians to suggest Japan go on a government spending spree to make up the difference. Government spending only prolongs the agony.
___________________________________________________________________________________________________
Have a Gneiss Day!
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#11
I tend to agree with the article generally. The more the government tries to help,the worse our situation will be. It has much to do with investor mentality,government agents just do not engender investor confidence in an enterprise.

Leave the system alone,enforce the normal loan standards for banks is all. Let defaults happen,let the system unwind in all her cruelty because to do otherwise makes the unwinding worse and worse when it finally occurs.
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#12
mr_yak Wrote:...It took FDR about a decade ...
Henry Morgenthau, FDR's Treasury secretary admitted, "I say after eight years of this administration we have just as much unemployment as when we started." The New Deal did not do anything but make the depression worse. Morganthau said all it did was saddle us with a huge National Debt.

What got us out of the depression was drafting 16 million men to fight WWII. ...Did wonders for the unemployment numbers.
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#13
Geez. The German army numbered at less than 6m.
The Iraq war also did wonders for the unemployment numbers.
"You know, Paul, Reagan proved that deficits don't matter." Dick Cheney
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#14
quadrat Wrote:...The Iraq war also did wonders for the unemployment numbers.
There is no draft. The military was downsized, remember?
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#15
Quote:Even Obama is downgrading expectations ... saying that instead of months it will likely take years to 'fix'. Notice that no one is talking about a "soft landing" this time around.

Without splashing away money with the Bail Out, there would have been a run on the banks, immediate FDIC bankrupcy and most of your deposits gone in the air. Ok for those who have very little money at the bank and huge debt. Not for those who had savings or just recieved their paycheck.

So I think that the money was well spent.

Who disagree?
Who said it was better to let the free market go its own way without state interference?

It's easy to type it on an internet forum where it costs you nothing. It's another thing to live it up and lose everything you got... for the sake of free market.
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#16
Splashing away money :lol: :lol: :lol: That's soooo 'RICH'!!

We did let some banks go belly up ... but guru Rubin wasn't on Lehman's board was he?

There are other alternatives besides nationalizing our financial system. One of them is reducing or eliminating capital gains on investments in financial institutions ... but that would have actually involved cutting the gov out of the deal ... so it's a no go. Paulson's original plan was to put assets up for bid and allow private interests to swallow the whole, including the spoiled nasty bits ... but that didn't fly either.

There are plenty of sound, smaller institutions were deposits were and are safe without FDIC intervention. But the wise decision makers aren't going to come out of this as the real winners now are they?

Anyway, the downgraded expectations highlighted in my comment is not addressed nor is the question ... what if this doesn't work?

It may be time for the GOP to begin it's return from the desert. I listened today to John Boehner say he didn't think the new stimulus package was going to work as advertised. It can and will be passed without the Republicans .. but it would certainly set a president if they voted as a block against it. Frankly it's pretty hard to expect anything than more S&G behavior ... but hope springs eternal.
"Democracy is the theory that the common people know what they want and deserve to get it good and hard."
-- Henry Mencken
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#17
The government policy on "which banks to let fail" is not yet clear. Paulson et al were flying by the seat of their pants. Perhaps a clear policy, which excludes the possibility of "no failures" would help. The hiatus between Bear Sterns and Lehman was too long, with no policy in place. No failures (nationalization) and "all troubled banks fail" are perhaps to undesirable extremes. You may say that capitalists should endure their own mistakes, bankruptcy for foolish capitalists being part of the game, but congress passed legislation forcing the banks to make extensive loans to people who could not afford those loans. In fact strict, large quotas were mandated. This does not completely exculpate the banks, but they should not take the fall for bad government policies either.
Jefferson: I place economy among the first and important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty, or profusion and servitude. If we can prevent the government from wasting the labors of the people under the pretense of caring for them, they will be happy.
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#18
jt,

Banking policy has become just a part of the larger issue. Where's the policy regarding what industries and entities should be allowed to fail? Auto making? ... Newspapers? ... Cities, Counties, States?

We are embarking on a policy of countering unsupportable spending with more unsupportable spending on a logarithmic scale ... and unsustainable private debt with the largest public borrowing spree in the history of the planet.
"Democracy is the theory that the common people know what they want and deserve to get it good and hard."
-- Henry Mencken
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#19
Palladin, it appears that this might be the case. I hope it is not. Probably the Democrats will make their decision on how many votes/$ they can get. That would be the optimistic case. The pessimistic case is that they want to take over the economy due to socialist of fascistic motives.

However, both of those theories attribute intelligence, a lack of foolishness and greed, and unemotional thinking to the Democrats. That could be too much to expect of anyone.
Jefferson: I place economy among the first and important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty, or profusion and servitude. If we can prevent the government from wasting the labors of the people under the pretense of caring for them, they will be happy.
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#20
JT,

I've concluded anytime the government tries to do anything that is not a normal government purview,they make things worse. I agree with Morganthou.

This is all just one unbelievable theft.

Quad,

America has been economic fascist as John describes it since the early 1930s. We have some free enterprise,but,it's against the combination of our government and huge corporations.
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