Wow, miss a day, miss a lot
Quote:
Originally Posted by TheCoolinator
Unofficially there is about 25-30% national unemployment in the USA. They always cook the books. People are living in tent cities (Hoovervilles / Obamavilles), people are taking drastic pay cuts, the production base of the USA is completely destroyed by "Free Trade" agreements. Unions are being broken (without unions there is no middle class),
Investment banks (foreign and domestic) have taken trillions of dollars in "bailout" money because of their toxic deriviatives. Other banks are going bust. I believe 20+ banks went under in the last week.
I think its safe to say we are in a full blown world depression. It's effected almost every nation on the globe.
and It's all because of investment houses and their derivative paper which I may add was illegal at one time.
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Look, as an objectivist, I dislike Obama's policies more then pretty much anyone. That being said, even I don't buy what you just said. Saying "Unofficially unemployment is at 20-30%" isn't saying shit. I unofficially get 15 blow jobs a week if I count thinking about them during masturbation, but it doesn't count. Just like pay cuts do not count as unemployment.
Also blaming the housing bubble alone on the current state of the economy is rather short sighted. This has been a long time coming. It has been building up to a slow boil since the early 90s. There have been a few bubbles besides housing in that time that have in their own way, contributed to this mess. All the bubble has done has moved from one event to another, growing a little bigger each time. Any one thing alone would have meant little overall, but trying to cushion all of these smaller bubbles (housing included) led to this mess.
In conclusion, 10% unemployment does not, a depression make
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