we're in the midst of a serious financial crisis,the federal government is responding with decisive action. have you taken a large home loan? or did youput your savings in stocks, mutual funds or bonds? if not, then you can relax, but allof us that did are living on borrowed time.
Authorize Net Test Credit Card, this is the story of the greatest financialcrisis of our time. the one that is on its way. they spent hundreds of billions of dollarsto show that they were doing something but not properly designed and not as effectiveas it should have been.
when they start losing money - hey we gotto get back in the game, we got to get those dice rolling again, hey let's create anotherbubble. you think the dot com bubble was too big, we got a bigger one for you. we'll callit the real estate and the credit crisis. well the problem is, they never actually curethe crisis, they just give alcohol to a drunk. it doesn't sober them up, it just, you knowsets him up for a bigger hangover. and that's all we've done and that's all we are tryingto do. and so i know at some point you kill the patient, at some point you can't drinkanymore, it's just the end of it. you reach the end of the ability. congress wanted to believe them. congresswanted an excuse to bail out the auto workers.
and the executives gave them just enough politicalcover to say "ah well i'm not really doing this because i want auto worker votes, andi'm going to give them a huge amount of money, umm i'm really doing this for the americaneconomy". so the solution is the problem, and that'swhy we had a problem in the first place. this is the danger in protecting investorsand consumers from the consequences of their own decisions. we can do it. but we need to do it soon, becausethe clock is ticking and time is not working in our favor. i know many americans have questions tonight.how did we reach this point in our economy?
and what does this mean for your financialfuture? these are good questions and they deserve clear answers. they took down the symbols, the financialsymbols of america, the twin towers of the world trade my old company where i used to work, the wholecompany is missing. the story of the great financial crisis beginslike many other stories of our era, in the united states, on september eleventh two thousandand one. the terrorists knew exactly what they doing- striking at the ultimate symbolof the global economy. and they did it when the us was already slumping into a recessionafter the dot com bubble had burst.
despite the tragic events of september theeleventh the foundations of our free society remain sound and i'm confident that we willrecover and prosper as we have done in the past. in spring two thousand and one the federalreserve started lowering interest rates and now it continued lowering interest rates tosave companies on the brink and to keep unemployment down. during two thousand and one the interestrate was lowered from six point five to one point seventy five percent. in two thousandand three it was cut all the way to one percent and it remained there for a full year. predicting the panic of 08, the economic nineeleven and the current economic crises that
we are still in was probably one of the easiestforecasts that we have ever made in our thirty years of trends forecasting. it was very simple. gerald celente lives in kingston, a few milesnorth of new york. he's one of the top trend analysts in the us. he's been called a modernnostradamus, he didn't just predict the current crisis, he also predicted the dot com bubbleand the stock market collapse of nineteen eight seven. immediately after nine eleven the presidentof the united states george w bush told the people to be good americans and go out andshop. but how are they going to do it, they are in a recession. federal reserve comesto the rescue.
in his memoir federal reserve chairman alangreenspan writes that he knew that low interest rates might cause a bubble. it's party time! traditionally central banks remove the punchbowl once the party starts. the interest rate can't remain low for too long or people willdo things that they regret later. this is one party that just has to turn outright well the purpose of a party is to have funtogether. and a successful party needs planning and skill. greenspan argued that the feds should neverremove the punch bowl. but rather keep refilling
it, when the party started to peter out. andif things went bad, the fed would clean up the mess and tend to the hangover. banks andspeculators loved it, now they could take greater risks then ever before. if they weresuccessful they could keep the profits and if they were unlucky, greenspan would rescuethem. mama was that way. let me come home and cryover something and she give me candy every time. when you see the stock market come down andthe real estate bubble burst, all that phoney wealth is going to evaporate, and all thatis going to be left is all the debt that we accumulated to foreigners
peter schiff is another analyst who was roundlymocked when he predicted crisis for the us economy in the midst of the boom.we went on an unprecedented global spending binge. american citizens borrowed and spenttrillions of dollars to buy stuff. and that is why we are in so much trouble. it was becausewe got drunk on all that fed alcohol. fed alcohol. in a world that was suddenly uncertain, witha country under attack, nothing felt safer then investing in your own home, in the americandream. i do believe in the american dream. i believethere is such a thing as the american dream. owning a home is a part of that dream. justhere. it's right here in america if you own
you're own home then you are realizing theamerican dream. vernon smith was awarded the nobel price ineconomics in two thousand and two. he received it for his research in experimental economics.in his experiments he puts economic theories to the test. smith is an expert on bubbles. if you are can buy a home with almost nothingdown. then you do well if the prices continue to go up. if it goes down, well then you havean incentive to walk away from it and let the bank have it. low interest rates caused a housing bubble.cheap loans encouraged people to buy more and bigger homes. housing prices began torise by ten percent a year. so many took out
a second mortgage on their old house to fundconsumption. you want to go on a vacation? buy some newclothes? how about putting an addition on your house? you don't have the money? howabout a home equity loan -- that's for you. let's use your house as a piggy bank. the banks granted loans to almost anyone.why would you need a decent income to buy a home, if you can get rich just living init! the market even coined the term nina loans. no income. no assets. no problem! you'll geta loan anyway. the legislation was more aggressively pushinglenders to lend to people with modest means - people whose incomes were eighty percentof the median income or below.
politicians encouraged this. for a long timeboth the left and the right have been encouraging home ownership. so they've created deductions,subsidies and insurances, and they created two huge mortgage-financing companies, fanniemay and freddie mac. their job was to use thousands of billions of dollars to insureloans for people who couldn't get them on the open market. they were government sponsoredenterprises. they had private owners, but they had been created by congress,and theirtransactions were guaranteed by the government. so particularly fannie may and freddy macare government sponsored enterprises. and what it means is... they are private, notnow maybe. but they are private companies that have special charters from the government.and the thing about government-sponsored enterprises
which is the main thing people are talkingabout is a sense that they are guaranteed by the government. first of all government sponsored corporationsthat help create our mortgage system, i introduced two of the leaders here today. they call thosepeople fannie may and freddy mac, as well as the federal home loan banks will increasetheir commitment to minority markets by more than four hundred and forty billion dollars. in the last decade fannie may and freddy machave donated more then two hundred million dollars to politicians in washington. enterprisesponsored government. i asked the former freddie mac chief economist, what they got for theirmoney?
i don't know. i mean... that's a tougher question.you know they had a pretty good charter. they were regulated in a spotty way. in many waysthe regulatory structure wasn't that bad. but it was the case that the regulatory structurewas a compromise. it wasn't a treasury, it wasn't a housing really, it was somewherein between. there was a huge moral hazard courtesy ofthe government in the mortgage market. when the government through fannie and freddy startedto guarantee mortgages, then the lenders were no longer worried about getting their moneyback because the government said "we guarantee it". and so that's why i have proposed and encouragedthe congress to fully fund the american dream
down payment fund. this will use money, taxpayer'smoney, to help a qualified low-income buyer make a down payment. well greed has to be balanced with a certainamount of fear, and that's what down payment rules are all about and amortization rulesis to keep people from get carried away by as you say, the greed...of expecting to becomerich, by buying a home and reselling at higher price. and that's important. if one of the barriersto home ownership is the inability to make a down payment, and if one of the goals isto increase home ownership, it makes sense to help people pay that down payment.
this is the problem, the moral hazard. wegave a moral hazard to homebuyers. once you say that you can buy a home with no down payment,all of a sudden there is no risk to the borrower. he doesn't care if he over pays. because ifthe house keeps going up he makes money, and if it stops going up, the bank loses the money.we have moral hazards in our banking system. the us government guarantees all bank deposits.well what does that mean? that means that the depositors don't care what the banks dowith their money once they deposit it, because they know the government guarantees it. the federal government obviously has to playan important role. and we will, we will. when i lay out a goal i mean it.
why are they doing that? why can't we letmortgages be financed in the private sector? the reason is because the private sector wouldnot finance these crazy mortgages and real estate prices would have to come down to levelsthat people actually can afford. how can you promote home ownership if peoplecan't afford a home? the big banks dared to make riskier loansbecause they had started repackaging loans and selling them to others as securities.they sold them to each other, to fannie may and freddy mac, and they sold them to norway,to germany, and to china. if the loans turned bad, someone else would end up with a hotpotato. i guess we are a little early. what do youwant to do?
anything but inspect this temple of capitalism. oh nick. look at them, their eyes popping out of theirheads, drooling over the very things that are taking away their jobs. now nick, don't get all excited, my familythink that america is a pretty swell place and i don't want you to disillusion them.i know everybody wanted to buy because the ratingagencies that rate securities gave the mortgage-backed bonds their highest rating. they promisedhuge payoffs at near zero risk. the rating agencies thought that house prices would justkeep rising and then there was that minor
detail that the rating agencies were beingpaid by the sellers of the securities. i think the process was corrupted. first ofall the government licenses, moody's and standard & poor's. so there are only a few companiesauthorized to rate these bonds, so it wasn't really a free market. the government was inbed with moody's and standard & poor's. but also you had this perverse relationship betweenwall street and the rating agencies where they were paying the rating agencies to ratethe products that they were structuring. and so there was, you know, this was an incestuousrelationship where they knew that if they put bad ratings on them, they wouldn't selland if they didn't sell, they wouldn't be making all this money constantly rating them.
they were great days, but it was all basedon a market on steroids. loans were cheap enough to keep driving housing prices up,but when interest rates returned to normal levels in two thousand and six, the spellwas broken. but for one person the future was still bright, ben bernanke, alan greenspan'ssuccessor as federal research chairman. tell me, what is the worst -case scenarioif we in fact see prices actually come down substantially across the country? well i guess i don't buy your premise. it'sa pretty unlikely possibility; we have never had a decline in house prices on a nationwidebasis. people could no longer get new loans to payoff the old ones. those who had been given
a mortgage despite a very low income couldn'tafford to stay. the prices started falling making the mortgage-backed securities increasinglyworthless. there is not much indication at this pointthat subprime mortgage issues have spread into the broader mortgage market which stillseems to be healthy the rating agencies removed the higher ratingsfrom the securities. investors, who never looked beyond the ratings, suddenly didn'tknow what they had brought. they didn't know how risky those loans were. overall the us economy appears likely to expandat a moderate pace over the second half of two thousand and seven with growth and strengtheninga bit in two thousand and eight to a rate
close to the economy's underline trend. the dominoes started falling. investors stoppedbuying mortgage-backed securities and refused to lend to those who depended on them. investmentbanks like bear stearns and lehman brothers suddenly couldn't get new loans to stay inbusiness. fannie may and freddy mac could no longer hide the disaster. the financial crisis started in a way thatis eerily similar to today's situation. it started with an economic crisis in the u.sand a government that responded decisively. after nine eleven and the dot com collapsethe us government decided to save the economy by inflating a new bubble. today the worldis trying to get out of the financial crisis
by inflating a new bubble. the differenceis that this bubble is much bigger. after they did the dot com bubble and thatburst and they re-inflated it with the real estate credit crisis bubble and then thatburst. now they have created the bubble of all bubbles and it's not only in the unitedstates this is a global bubble, they are all in to it. it's called the bail-out bubble.hey the economy is going down, recession's setting in, sales don't look good, exportssoft, need more money? how about we call it stimulus packages. from australia to the unitedstates, from the uk to china, they are dumping funny money into the system to keep it going. in september of two thousand and eight theus economy is near collapse. fannie may and
freddy mac have been taken over by the government.on september 15th giant investment bank, lehman brothers goes bankrupt after monumental betson real estate. aig the largest insurance company in the world collapses the next day.fear sets in. it seems like anyone can fail. suddenly, banks no longer dare make loansto companies or each other. experts warn that the economy is about tocollapse. the cbs news, a special report, a presidentialaddress to the nation. from cbs headquarters in new york here is katie couric. good evening everyone. president bush askedthe network for this television time so that he could speak directly to you about a nationalcrisis. some of this country's major financial
institutions are in danger of collapsing underthe weight of bad mortgages, and that would be devastating for the entire economy. we are in the midst of a serious financialcrisis. and the federal government is responding with decisive action. in a televised speech bush scares the marketeven more whilst still claiming that they can trust him, he has a solution. under our proposal the federal governmentwould put up to seven hundred billion tax payers dollar on the line to purchase troubleassets that are clogging the financial system. the us government wants to spend huge amountson wall street banks to cover their bad deals.
even banks who don't want the money will beforced to take it, so that the public won't know which banks are on the brink of collapse. all in those in favor say i. opposed say no.the ais have it. i want to thank the secretary of treasurefor working hard with the members. and thank the members for working long hours like theyhave been doing to come up with this solution.... and that will solve the problem. on october third congress approves the biggestfinancial bailout in history. seven hundred billion dollars. around the world in germany, italy, canada,south korea and great britain, other politicians
do the same to save their banks. we have taken the right, the decisive, andthe tough decision that was necessary to protect the stability of the financial system, andto protect the depositors. david walker was us comptroller general fromnineteen ninety-eight to two thousand and eight. he quit because he was so worried aboutthe us economy that he wanted to have the freedom to warn about what might happen. in my view the bail out was necessary in certainregards but in many cases we wasted a lot of money. because we didn't do three things. first haveclearly defined objectives of what we were
trying to achieve. secondly, have criteriaestablished up front as to who would get the money and who wouldn't get the money. andnumber three, have conditions established up front as to what they could and couldn'tdo with the money. and as a result of not having those three things, some people gotthe money that didn't deserve it, other people got the money that didn't make good use ofit, and as a result we have a lot of waste with regard to the taxpayers money. what would it mean if the domestic industrieswere allowed to fail you heard senator... as a result of the crisis the situation forthe us auto industry becomes critical. on november nineteenth their ceo's fly to washingtonto demand money.
the executives came out and they said, "ifyou. if you don't do this we are going to see a jobs holocaust". they issued extremelyhigh estimates of how many jobs would be lost, including every single company that suppliesthem with anything. that's why this is about a lot more than justdetroit. it's about saving the us economy from a catastrophic collapse a month later president bush gives billionsof dollars to general motors and chrysler. the money comes from the bailout package thatwas really only designed to save the financial industry. now some us auto executives say that theircompanies are nearing collapse. and that the
only way that they can buy time to restructureis with help from the federal government. megan mcardle is a financial analyst for theatlantic and has written extensively about the problems of the us auto industry. congress wanted an excuse to bail out theautoworkers. and the executives gave them just enough political cover to say "ah welli'm not really doing this, because i want auto worker votes, and i'm going to give thema huge amount of money... i'm really doing this for the economy". but if you look athow much money we gave them, i mean we are talking about almost a hundred billion dollars,is how much we will end up spending on this. you know even if you were saving millionsof jobs it would have been cheaper to give
everyone single one of those a hundred thousanddollars to go out an, you know find a new job. the big guys on wall street, they can't taketheir losses they are crybaby capitalists. oh they preach capitalism for everybody butthemselves. the federal reserve has cut its key interestrate to the lowest level on record. ben sherman, ben bernanke and his colleagues also pledgeto use all available tools to contain the widening crises and the longest recessionin a quarter century. december sixteenth, two thousand and eight,it is time again to pour alcohol into the punch bowl. the federal reserve reduces interestrates to practically zero, to restore investor
confidence. other central banks do the same. hey - have no credit? don't worry about it,just sign on the dotted line. the housing bubble which they inflated blewup with all the carnage and all the bankruptcies, and now that is their solution, we'll justdo the same thing that we did before. instead of having interest rates at one percent, letshave them at zero. and let's buy everything we can, let's print money and buy mortgages.let us but credit card dept, student loans, let us buy bonds and let's drop money fromhelicopters to try to get the same risk taking excessive gambling on wall street, let's convinceamericans who are already loaded up on debt to go out and buy more stuff, to go out andget deeper into dept. and if the banks don't
want to lend them money we'll make them lendthe money. this is economic you know, suicide. while the fed lowers interest rates, presidentelect barack obama prepares an enormous stimulus package, meant to get the us economy going. we are running out of the traditional ammunitionthat's used in a recession, which is to lower interest rates, they're getting to be aboutas low as they can go. the american recovery and reinvestment actthat i will sign today, a plan that meets the principals i laid out in january is themost sweeping economic recovery package in our history. on february seventh, two thousand and nineobama approves a stimulus package worth seven
hundred and eighty seven billion dollars.with a bush stimulus package from the year before, us politician have now spent closeto one trillion dollars to stimulate the us economy. the money is spent on roads, airports,education, unemployment and other benefits. there is bureaucracy in everywhere. and initaly they used to say. where i'm from. when you have a jar of honey, you lick your fingers. the town of union is located a few hours fromthe canadian border. this is where the computer company ibm got its start and grew to be thebiggest in the world. the factories are now empty, but the town has acquired a small townrhythm, so they were surprised when six hundred thousand dollars from the stimulus packagearrived to combat homelessness.
you know on occasion our police officers mayrun across someone and they try to, you know take the person to an area where the individualcan get some shelter and get something to eat. but it's not a problem here. this is rodeo drive in beverley hills; probablythe worlds most famous upscale shopping district. it was here for example that julia robertswent shopping in pretty women. stimulus money has made its way here as well. these streetsare to be repaved to the tune of one million dollars. sure there are potholes in the asphaltbut is this really the economy that needs to be stimulated. we had a seven hundred and an eighty sevenbillion dollar stimulus bill. but only about
one third of it was truly stimulus. by thati mean timely, targeted and temporary. the other two thirds were things that people wantedto do, had been wanted to do for a long time, but they didn't want to have to pay for it.they wanted to do it as a part of emergency legislation and charge it to the nationalcredit card. the johnstown pennsylvania airport has threescheduled flights a day. other then that it's quite empty. when we have the flights coming, that's whenpeople are here. other then that it's empty but one face is everywhere; congressman johnmurtha, the airports name sake. he's been called the king of pork and has gotten twohundred million dollars for murtha airport
from washington. earlier this year the airportgot a new source of revenue, eight hundred thousand dollars from the stimulus packageto repave this backup landing strip. the head of the airport insists that the landing stripis safe. so why does it need doing if its not a safety issue? because of the steps we take this plan isabout to shift into high gear. one of the biggest stimulus programmes wasaimed at the auto industry, cash for clunkers. turn in your old car and get cash towardsa new one from the government. it was so popular that its one billion dollar budget ran outin a week; so more money was quickly injected. many countries offered similar programmes;germany had the biggest one and handed out
almost seven billion dollars to those thatscrapped any car more then nine years old, while buying a new one. our government seems to think that germanauto industry is so important that we have to support it in some way. and therefore theycreated this bonus. they didn't call it a scrapping bonus, because i think i knew howridiculous that was. so they called it an environment bonus. karen horn is a doctor of economics at a germaneconomics institute. and of course people took advantage of that,it worked as long as it was on, the program worked. but now it's out, it's over and ofcourse numbers are dropping, people are feeling
that they ran into additional debt due tothat bonus that they wanted to take advantage of and they are having problems they didn'tanticipate. so germany spent almost seven billion dollarsto scrap fully functioning cars and to maintain excessive auto factory output. once the programmeended the industry was right back in the doldrums. i was just very surprised that the peoplewould accept the idea so readily. that they would accept the money was something else,who wouldn't? but that they would find it a solution that they deemed viable, doesn'tgive me a very good impression of the rationality of the voter and tax payer i must say. and that's where we are. i think at this point,the problem is now so big that government
stimulis is not going to you know buy us anotherfive or six years of phoney growth like it did last time. because we have to accumulateso much more debt now. the bigger the problem gets the more we have to stimulate to getthat short-term boost. but now the bigger the bust is now we have a bigger stimulus-to get out of the economy. about a year after the worst economic crisisin history, leyman bothers is gone, but apart from that, wall street looks much the same.many banks are reporting record profits, the world stock markets have sky rocketed, themarket is finally breathing a sigh of relief. but isn't it somewhat uncomfortable? haven'twe been here before? all the measures that we have taken to savethe economy, the low interest rates, the massive
debt, the safety net for the financial industry,these are the very things that led us into a crisis in the first place. we've been savedfrom the consequences of one burst bubble, by inflating a hundred new ones all over theworld. one year ago i took office amid two wars,and an economy rocked by a severe recession. a financial system on the verge of collapseand a government deeply in debt. experts from across the political spectrum warned thatif we did not act we might face a second depression. so we acted. immediately and aggressively,and one year later the worst of the storm has passed. there are positive signs. this is the hampton'soutside new york, a classic playground for
manhattan's elite. a house by the atlantic,like this one, costs thirty million dollars and a hotdog bun with lobster salad costseighteen dollars. fast food hampton style. the crisis has made its mark here too, thereare fewer private jets at the airport. instead the porsches jostle the mercedes on the turnpike to new york. new york city, washington d.c and los angelescalifornia don't represent the real world. they also don't represent the real part ofamerica, the so-called main street of america. my tax money go to beverly hill, well thereis a lot of money in beverly hill. i don't think that they need my money down there.but that's a different world. it's not reality down there.
if you ever visit union and need a hair cut,you may well end up at frank petrilli's barbershop. but unfortunately people lost their homesbecause they lost their jobs. and it's a... they now live under the line for the one timethey were able to do it. and a lot of the young people, specially educated, they tryto move, go out of town. but i believe that no matter where they go the situation is thesame. where are they going to go? detroit! now listen son, i wasn't going to tell youthis, but you're the reason we came here all the way from indiana. you heard all the talkers.now i'm going to show you the doers. the us government has launched bailouts, stimuluspackages and guarantees to the tune of ten thousand billion dollars.
i caught myself wondering for the hundredthtime how the hell i got here, what the hell i'm doing here. that's more then the total cost of the usgovernment for world war one, world war two, the korean war, the vietnam war, the invasionof iraq, the new deal with the marshall plan, and the moon landing. bush almost racked upmore us debt then all presidents before him combined, from george washington to bill clinton.and obama is almost creating greater debt then all presidents before him, includinggeorge. w bush. but it's not just us that's increasingly lookinglike a house of cards. during the crisis many governments went deeply into debt. estimatessay that the average debt in the richest nations
will exceed one hundred percent by the yeartwo thousand and eleven. these are loans taken at currently low interest rates. should theinterest rate rise by one percent, the us interest payments will rise by one hundredbillion dollars per year, that's more then the annual cost for the vietnam war. sometimes it's just an engine failure, othertimes it's the deadly flat. if the pilot's lucky, the flat kills him. but usually heisn't and he burns to death as he spins in. it sounds absurd to even think that the unitedstates, the world's economic super power, might crash. after all they get the highestratings from the credit ratings agencies. one of the lessons we must learn from themortgage related sub prime is you have to
take credit ratings with a big grain of salt.because as we saw with the mortgage related securities, they went from triple a ratingto jump bond pretty fast once people understood the true situation. today the untied statesis rated triple a but if it doesn't start taking steps to put it's financial house inorder, that triple a will be lost, it's just a matter of when and how quickly. in september 2008 the bankruptcy of one largeinvestment bank brought the world economy to its knees. the fate of lehman brothers,raised the question of who was next in line? so everyone avoided doing business with banks.how will the world react if the next entity to declare bankruptcy is a nation? who isnext in line if that were to happen?
some houses of cards have already startedfalling. this is iceland , until recently one of the richest nations in the world. whenthe crisis hit, the icelandic banks collapsed, the icelandic stock market crashed leavingthe debt with a small population. for the first time in fifty years, this peaceful countrysaw riots. this is greece, here deficits have hit a recordhigh, the national debt is approaching one hundred and thirty five percent of jdp. themarket wants higher interest rates for greek loans, increasing the pressure on its strainedeconomy, it seems like the greek government needs a bailout to avoid collapse. italy,spain, portugal and great britain are other eu nations with similar problems. what aboutmy country, sweden? the country's finances
are fairly robust our national debt and deficitsare lower then that of most nations. but sweden is highly dependent on the world economy.more then half of our prosperities are based on exports. when other countries crash, weget hit almost as hard. and swedish housing prices have risen during the crisis, despitethe recession and despite rising unemployment, but because of low interest rates and a governmentmortgage company, sbab, making loans easier to get. swedes have never carried more debtin relation to their income. doesn't all of this sound very familiar? we have new bubbles everywhere so i'm prettyworried about what's going to happen if you don't want bubbles to burst, then don'tblow them up in the first place, because all
bubbles burst. if enough things can go wrong some of themprobably will. the question is, just which needle will burst this bubble? will it benew credit loses? as banks take on greater risks knowing that the government considersthem too big to fail. or falling stock prices? as interest rates rise and the steroids wearoff. will it be the chinese economy overheating. or will it be a collapse of confidence inthe us dollar? if we lose the confidence of our foreign lenders,and we must not allow that to happen. but if that were to happen. then it would be adramatic decline in the dollar and a dramatic increase in interest rates, significant fuellingof inflation, a very very deep recession and
possibly depression that would be felt aroundthe world. we must not allow that to happen. when the next bubble bursts you cannot usethe same emergency measures. you can't lower interest rates that are already at rock bottom.you can't stimulate the economy with borrowed money if an excess in national debt is thecause of the crisis. the governments could save the banks, but who can save the governments? ultimately there is going to be a price allaround the world to be paid for this and the longer it continues the bigger that priceis going to be. you know this really is a moral question.i mean i can give you plenty of big and bad numbers. you know when you talk about tensof trillions of dollars it's just hard to
imagine. but you have to put a face on itand to me i put my children's and my grandchildren's face on it. it's their future that we aremortgaging. when we tell people that there is going tobe a bail out bubble and they see the world equity markets up fifty, sixty percent, theydon't want to believe it's another bubble. they want to step right up that table andthrow their dice and try to win their hand at the wheel of fortune that wall street'sspinning. so people still don't want to believe that the worst is yet to come. it's easy to think of these predictions asmuch too gloomy, but that is exactly what people said the last time. when these expertspredicted the two thousand and eight financial
crisis they were laughed at in the media. we can do it, but we need to do it soon becausethe clock is ticking and time is not working in our favour.
0 Response to "Authorize Net Test Credit Card"
Post a Comment