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The government bailed out the US & many banks around
Posted on: February 21, 2020 at 22:37:17 CT
JeffB MU
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the world. Economists and politicians at the time realized how catastrophic things could have become.
The numbers involved go right over our heads. Years ago a senator(?) joked that a few billion $ and a few billion $ there and eventually you're talking real money. People laughed about the absurdity of it all, but now we're talking trillions $ instead of billions.
Check out this video showing the massive bailouts that were needed at the time to revive the patient.
https://youtu.be/3dl1y-zBAFg
Unfortunately, as people have noted, we are no longer in a position to bail out the world should the current bubble pop in such catastrophic fashion. We are already way beyond our means... as noted earlier, total debt is over $800,000 per family. We can't go on another borrowing and printing spree like we did last time, it would destroy our currency.
It is somewhat like a drug addict who comes down and goes into withdrawal. He can crank it up a notch and get going again but there is a limit to how often he can do that before at some point his heart gives out. Each time he does it it takes much higher doses to overcome the hangover. He's pushing his body beyond its natural limits. Everything may seem fine to him if he has enough drugs and can shoot up enough to make himself feel good again, but he's deluding himself.
I think that's where we're at now.
The numbers involved go right over our heads. Years ago a senator(?) joked that a few billion $ and a few billion $ there and eventually you're talking real money. People laughed about the absurdity of it all, but now we're talking trillions $ instead of billions.
Check out this video showing the massive bailouts that were needed at the time to revive the patient.
https://youtu.be/3dl1y-zBAFg
Unfortunately, as people have noted, we are no longer in a position to bail out the world should the current bubble pop in such catastrophic fashion. We are already way beyond our means... as noted earlier, total debt is over $800,000 per family. We can't go on another borrowing and printing spree like we did last time, it would destroy our currency.
It is somewhat like a drug addict who comes down and goes into withdrawal. He can crank it up a notch and get going again but there is a limit to how often he can do that before at some point his heart gives out. Each time he does it it takes much higher doses to overcome the hangover. He's pushing his body beyond its natural limits. Everything may seem fine to him if he has enough drugs and can shoot up enough to make himself feel good again, but he's deluding himself.
I think that's where we're at now.
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The government bailed out the US & many banks around - JeffB MU - 2/21 22:37:17