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Originally Posted by chickentribs
Samcol, you are right that people don't realize the political clout and power that the Fed has in this country, and they get overlooked. Unfortunately their bag of tricks is powerful, but limited. Interest rates and money supply are really it, and there are hundreds of factors that will play a role in the overall economy. Congress plays a huge roll in setting budgets and appropriating funds, but none of these tools will be effective if the President isn't responsible with his decision making.
They are all to blame for the nasty ride we have in front of us...
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We as a society are responsible also, for we have grown accustomed to living on credit and being in debt, thinking, hoping, that we'll get it all paid off in time, as we charge another $100 for a meal, a movie and some cinema snack bar goodies.
WE allowed companies to merge and go heavily in debt and allowed the leveraged buyouts and so on, because we were told that the companies would be more prosperous, profitable and help our 401 k's and IRA and Mutual Funds.
We kept voting for politicians that would sidestep economy hardball questions and stick to balanced budgets, because we believed that the bad times wouldn't come, even though the reports and research and warnings for the past 20+ years have told us they would.
We kept believing that losing jobs overseas and cheaper products were ok.
We kept allowing businesses to raid pension plans and fix their books then watch as the executives golden parachute out as the companies go bankrupt.
We turned blind eyes and deaf ears to anyone who warned us, believing it was politically motivated and that they were nuts.......
And now the time is upon us and what are we going to do?
As the great
RAY DAVIES of The KINKS wrote in the song
"DRIFT AWAY" in 1991, a bit prophetic......
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Now all the politicians are running out of hope
They've burned all their bridges
Now they just can't cope
And who do we blame now we're all going broke?
It's that man over there
Who's hanging from a rope
Newsmen winding up the nation
A little bad news helps circulation
Pass on the panic to the population
It's all over, it's all over
It's all over now
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