Wow, the shite is hitting the fan. Lots of talk about 1929, global depression, doom, gloom, and despair - and that is just the MSM! The commentary runs from the apoplectic, to the apocalyptic, to the apathetic, to the apologetic - and that is just the A's! I thought that I ought to add to the mix with some brimstone, bitter nettle, bone heads, and just a little braying.
Speaking of boneheads;
The picture is from this article - a nice synopsis, and I redact;
Let's take a look at America 's...entire financial system...in the process of blowing up...over $500 billion in bank losses, with over $1 trillion more to come. Over one dozen banks have failed, with hundreds on deck. A handful of large hedge funds have blown up, with hundreds more on the way...over $1 trillion has been transferred from the Fed to the banking cartel...estimate another $1.5 trillion will be needed to maintain liquidity as banks de-leverage over the next few years. Unemployment is now over 6% and inflation is over 5%, even with Washington 's manipulation of the data. Virtually every metric in the housing market is at multi-decade lows, except for foreclosures which are hitting new highs.Those clowns up there are the architects of all of this, but they won't be affected by it, they have made out like foxes in a hen house. My rough estimate of the debt that 330-odd million people just accrued (whether they wanted to, or not) is tens of thousands of dollars each, and that does not count the wars, and such. All to bail out banks, mortgage companies, and insurance companies whose directors and CEO's collected tens of millions of dollars in bonuses. AIG alone cost $2575 per man, woman and child. Sounds fair to me! Everybody loves an insurance company.
Taxpayers are on the hook for billions of dollars of potentially worthless debt held by Fannie and Freddie. It's now official. America 's free market economy is really a socialist system for corporations. One could argue this to be a form of Fascism. My best estimate for losses due to the Fannie and Freddie taxpayer bailout are between $200 to $500 billion. The worst case scenario would be $800 billion. When Superman fails to show up, Washington might consider giving David Copperfield a call. Get the popcorn ready.
And yet more clowns, chimps, chumps, cheats, whatever (I promise not to go through the whole alphabet).
The mental midget. The picture says it all - RESPONSIBLE. Responsible for 0%/40 year mortgages, responsible for blowing the surplus, and very likely for putting the gov't into a deficit situation. Responsible for leaving a $5-6 billion deficit in Ontario after just one term as provincial finance minister. He is no economist, or financier, he is a lawyer. Let us not see the likes of him return to the finance portfolio.
Heil Harpler. (complete with lip-stick on the pig)
What an unfortunate (if defining) photograph of this clown. I find it hard to believe that he has pulled the wool over so many people's eyes (as evidenced by poll numbers). Have Canadians not been paying attention to the chimps in the first picture these last 8 years? I find that to be very disconcerting, though I ought not to be surprised; after all, so many Canadians drank the RE kool-aid, I really ought to have lower expectations.
The picture above leads right into the photoshop below, though instead of looking like an evil dictator, Harpler ends up looking more like the incompetent Sgt. Shultz from Hogan's Heroes. I really hope that people wake up in the next 3.5 weeks, and get rid of this prick for good.
Things are not looking so good. I predicted back in January that we would see the TSX back at 8,700 before this is all over- I am now revising that to below 7,000. I also predicted that we were heading to a depression (in 2005), and now the MSM is predicting the same thing (that is my braying).
Good luck everyone, I hope that you don't have debt, and do have lots of savings, you are going to need it.
More reads -
The Ultimate Wall Street Nightmare
Vancouver leads fall in house prices
So much to write about, and so little time...