Did anyone believe that this WASN'T going to happen?
...with Joe Biden on Citi's payroll as their main lobbyist in the Senate?
...and George Bush doing everything he can to get Obama's programs (pogroms?) off to a good start?
I was hoping that the Feds would come to their senses on this bailout crap, and maybe follow Paul Volcker's advice, but now it appears every Fortune 500 company whose business model sucks is going to be bailed out.
We will likely have to double the National Debt to do all this, maybe more.
The US Dollar will very soon cease to be the world's benchmark currency, since it will have to be devalued against most other currencies. This is already happening, since the US Dollar has just lost 2 cents against the Euro, Pound Sterling, Japanese Yen and Canadian dollar. I expect those numbers to continue on this trend.
This is the end of the "strong dollar policy" that made imports cheaper (esp. imported oil). I guess it falls right in line with the protectionist thinking of the UAW, and other unions though, since a weak dollar will make imported autos much more expensive. Also TVs and all that cheapo Chinese stuff we dote on.
BTW, a weak dollar makes inflation MUCH more difficult to deal with.
Just ask Jimmah Cahtuh. If you can get him to tell you the truth.
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