10-02-2008, 05:40 AM
Yes, Bob, I've read it, and you're right. It will do nothing whatsoever. It doesn't address any of the core issues in the slightest, if anything it makes the whole situation worse by allowing banks to keep hiding from scrutiny the actual value of those "undeclared off balance sheet assets."
It may buy a little time, until the election or there abouts.
Be prepared for much higher taxes, inflation, and a stagnant economy for years to come. If you do anything real for a living, like grow food, work with your hands, cut hair, or elsewise, and deal in cash, it should be a boom time for you. If you play in the credit world and make your living from derivatives and instruments, you're going to take a bath for years to come. BUT, the result is that money tied up in speculative ventures creating no jobs at all will be forced to invest in real activity--and in the long term on a local scale this is likely to be helpful in the lives of most people.
You've seen the end of a system.
It may buy a little time, until the election or there abouts.
Be prepared for much higher taxes, inflation, and a stagnant economy for years to come. If you do anything real for a living, like grow food, work with your hands, cut hair, or elsewise, and deal in cash, it should be a boom time for you. If you play in the credit world and make your living from derivatives and instruments, you're going to take a bath for years to come. BUT, the result is that money tied up in speculative ventures creating no jobs at all will be forced to invest in real activity--and in the long term on a local scale this is likely to be helpful in the lives of most people.
You've seen the end of a system.