Make no mistake that Congress is well aware of the coming costs of bailing out our ill conceived failing economy and has simply authorized the funds ahead of time to do so.
As reader and commenter Billy B. has stated many times, “This is a Cinderella year.” Our government on both sides of the aisle is throwing everything including the kitchen sink at this economy to avoid total collapse. After all, we have a Democratic Congress and a Republican President and that makes for strange bedfellows, both being culpable and all.
As we observe our National and private sector debt rise to levels never before seen (in real numbers, but we don’t deal with real numbers we deal with government numbers) it becomes evident that our monetary managers believe that a little hair from the dog that bit us is exactly the remedy needed. Therefore, Doctor Bernanke has prescribed more credit as the answer to too much credit. There are people who have been institutionalized that aren’t that crazy.
On another front, our government has also had a change of heart on the legality of coercion and money laundering. The U.S. Treasury by virtue of our newly passed legislation will heavily suggest that banks discount their bad loans for nice clean money from the taxpayers’ pockets.
The seriousness of our current situation escapes most Americans who believe that things will get better after the election. However, if Billy B. is correct, instead of the Prince showing up, Cinderella will do the pumpkin routine.
Turn her into the wind, drop the mainsail, and batten down the hatches, it’s gonna be a big blow.
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