Now, regardless of the fact that Fannie Mae and Freddie Mac control 80% of mortgage loans taken up in the United States, it is still fun to watch as the Bush administration is forced to bail on their principles of the primacy of the unregulated market.

Of course, this is not new. The US government under Bush has, funnelled hordes of tax dollars to a select group of American companies at home and in Iraq.

The unfortunate thing is that conservatives, for the most part and with exceptions (see Ron Paul), lack any sense of ideological principles other than unadulterated greed. So the US conservative middle-class will be as shocked as anyone when they discover they've lost their shirts to a bunch of billionaire scammers (and frat boy political operatives) who can take their money and run to any corner of the world they wish.

[ 15 July 2008: Message edited by: Frustrated Mess ]

quote:

---

a bunch of billionaire scammers (and frat boy political operatives) who can take their money and run to any corner of the world they wish.

---

People easily and readily supported a massive redistribution of wealth from the bottom 80% to the top 20% on the belief that by enriching a small elite a trickle down effect (the tinkle upon effect, I like to call it) would make us all richer than we ever imagined.

And then we created our own illusion that it was actually working through burying ourselves in debt while both squandering our resources and coring our own communities.

From a historical perspective, given our advances in communications and our historical level of education, we are the greatest society of suckers that has ever lived.

The US robber baron class has proved the old adage quite wrong. You can fool all the people all of the time. Just float the illusion of money before them.

[ 15 July 2008: Message edited by: Frustrated Mess ]

quote:

---

Originally posted by Nanuq:

Is there any place in the world where you could get away from a full scale collapse of the US economy? Everyone would be hurt.

---