Wednesday, October 1, 2008

from Mr. Mortgage: fedwatcher post

  1. We Cannot Handle The Truth

    What we have here is a failure to communicate.

    The facts are that the debt levels of the U.S.A., U.K., Ireland, Spain, Italy, Australia, New Zealand, Canada, and many other European and ‘advanced’ economies are too large to be serviced by the income these economies generate.

    There are only two ways out of this:
    1.) Debt destruction through default leading to a severe recession or depression after which normal and stable growth can resume.
    2.) Postponing the problem by the creation of new debt with inflationary results and the eventual necessity of having the above occur latter.

    We must pass through debt destruction now or take on more debt and go through a much larger debt destruction latter.

    That is the choice. All the other posturing and spin is bull feces.

    Paulson and Bernanke and Cox and Bush and Wall Street and the House Leadership and the Senate Leadership, all hoped they could ‘contain’ the problem until after November 4th.

    The only rational solution is the Irish Solution, that is protect depositors and thus stop the bank runs, and let investors take a bath.

    Dow 8,000 will happen sooner or latter. It is better sooner than latter.


Kwik Quid said...

I also think in the same way . They should pass through debt destruction now or take on more debt and go through a much larger debt destruction latter.I hope by this the situation can be tackled.

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