on a day when the DOW has tumbled over 300 points and fallen below 11,000, we're getting the usual hand-wringing and doom-and-gloom:
US STOCKS-Wall St tumbles as recession fears hit | Reuters: " NEW YORK, Sept 22 (Reuters) - U.S. stocks tumbled onwhere have these motherfuckers been while the economy generally has been in the tank? did real estate prices stop their decline, and foreclosures reversed their trend? how about unemployment? how about stagnant wages and income inequality? what about all the TBTF banks, who offloaded their worthless paper on to the taxpayers, so that now the federal deficit has ballooned?
Thursday, extending losses for a fourth straight session, as the Federal Reserve's weak outlook for the U.S. economy and
disappointing data China heightened fears about a global recession."
all these things are out there, as big and painful as a big herpes sore right on your privates, but nobody has a solution for any of it. the FED came to the rescue last time and boosted the market with unsustainable QE, and now that that's played out and the juice is gone, the players on wall street are in a panic, waiting for dollars to drop out of the sky and into their portfolios.
what a crock! what a rotten, rancid piece of shit!
it may be economically passe, and the central planners over the economy might be running a giant ponzi scheme and all, but it's been clear from day one that unless the government stepped in to boost demand in the economy with programs to improve infrastructure and put our people to work, there is NO WAY the economy will start to recover! unless all that ginned up, fake demand that the housing bubble created is replaced by something, unemployment will continue to rise, living standards will decline and the government will be operating in the red as far as the eye can see.
there has to be a fundamental rethinking and reworking of the economy, to rely less on the gimmickry of "financial innovation" and return to good old-fashioned productive industry! we're fucking ourselves with an economy based on useless fluff. the tax code is all wrong, the incentives are all wrong for producing the results that bring jobs and prosperity to the people who work for a living.
one indicator for how far we have to go, however, is the continuing efforts of the TP republicans in the US house to play russian roulette with the economy by holding it hostage to their inane demands for curtailing spending, in their misguided conviction that what ails the country is government spending. it's not the spending that's a problem, but the priorities of the state when it makes its spending decisions, because as we've seen under the GOP from reagan to bush II, spending has continued to soar under "fiscal conservatives," it just goes out the ass of the pentagon, or to corporate subsidies to the politically well-connected.
again, we're on the wrong track and giving the stock market a reason to rise to ridiculous and unmerited heights based on phony FED stimulus is NOT the solution to our woes, just a symptom of the system's dysfunctionality.
either fix the system or FAIL. we are on an expressway to utter collapse, and until or unless there's a recognition and change of heart in this giant, teetering mess, it's going to all come crashing down -- and crush all of us.