One of those days when depression may set in...

  • Posted on: 28 June 2010
  • By: Connecticut Man1

Not like many average people have not seen this coming. We have to honestly live this crap.  This is the kind of thing that the typical beltway insiders and their elite welfare society friends are above noticing:

The Third Depression
By PAUL KRUGMAN

We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.

At a time when the elites met at the G20 and decided that we aren't suffering enough so they are going to force more cuts on us... Instead of them paying their share. Over 4 trillion in elite welfare last year (just for the banksters and Wall St. alone - not including the Halliburtons of the world in that) and these scum sucking financial elitists want to tell us about watching our spending. They just want to cut our social safety nets so they can increase their corporate welfare.From bobswern's diary at dKos a couple of thoughts from others as point and counterpoint:

Here's Calculated Risk's take on Krugman:


I'm not as pessimistic as Professor Krugman, but I do think with almost double digit unemployment, the focus of policymakers should be jobs, jobs, jobs ...

And, here's University of Oregon economist Mark Thoma's lead-in to the Krugman story:


A failure of policy, in particular a "stunning resurgence of hard-money and balanced-budget orthodoxy," increases the likelihood that we are headed for a third depression...

Not a good day at all.

Comments

the GOP's stalling tactics, designed to make things tough on people in order to try and win political favor back, aren't being slapped down and pointed out.

If they'd simply work to try and HELP, by DOING THE JOB of Congress, then we could make some honest assessments and changes.

But they won't, aren't, and are actively planning to push us into harder times w/o regard for the consequences simply so they can lay it all at this Administration's feet.

I'd rather they pitch in to help clean up the mess they caused, and give the Administration an honest chance of either success or failure. They could always take the high road then, and say "Hey, we were part of the solution this time, not the problem."

Reid withdrew the extensions on unemployment and comes back with... More business tax cuts. Guaranteeing that they bankrupt the nation even further with do nothing tax cuts (they never trickle down - that is a fact).

And all so they can make a stronger propaganda campaign case against social safety nets for the lower classes. Either that or they are PLAYING POLITICS instead of leading. We already know the GOP will oppose everything. What a dog and pony show waste of time.

Cut all corporate welfare including the ongoing welfare for the elitist bankers and their Wall St. partners in crime... And then they can come back to us all and un-hypocritically tell us all about how the poor need to get off their asses and find jobs. Because these elitists don't have real jobs anymore. Just welfare.

 

And all so they can make a stronger propaganda campaign case against social safety nets for the lower classes. <snip>

Cut all corporate welfare including the ongoing welfare for the elitist bankers and their Wall St. partners in crime... 

Until we can somehow amputate the corporate nipple from their mouths, that equation will never stop.  

The fallout from the Gulf catastrophe is yet unquantifiable. It's unlikely, but possible, that its magnitude will prove to be enough (how many people are going to be left without industries, much less jobs / careers?!) to finally knock sense into the leadership classes?