Monday, August 15, 2011
Do you think president hoover could have done more to end the great depression?
Once it happened it was out of his control. However, steps could have been taken to prevent it. The rampant speculation, deregulation, and credit fueled "prosperity" came tumbling down because of what I just mentioned. Growth that is fueled by credit and kept growing by speculation is going to crash. And it crashed mightily in 1929 and the decade that followed. Our economy hasn't even begun to show what is to come. From an economic standpoint, we are screwed. It may be morbid, but there is nothing no reason for optimism when you study the hard facts. Back in the great depression, we still had a mighty manufacturing base. Not today. The United States gets most of its products from overseas. Also our debt is unsustainable, and so far, measures taken to "improve it" have been purely political and will ultimately not help at all. And both political parties are equally to blame here. Large corporations and shipping millions of jobs to foreign cheaper labor markets, our debt is in excess of our GDP, our total liabilities which include medicare and social security bring our total debt to about $ 200,000,000,000,000. That is 200 Trillion dollars! We ped the point of no return a long time ago.
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