We Hate To Say We Told You So...
by Vince Daliessio
...but the "crack-up boom" is about to bite us all in the ass. Just this week;
Detroit's sales are down 33% over last year, with GM's sales down FIFTY-SEVEN PERCENT,
Delphi Automotive filed for bankruptcy, will offload its $10B pension obligations on you and I,
Hewlett-Packard is laying off over 14,000 employees,
30-year mortgage rates are over 6%, probably for the forseeable future,
Oil prices are hitting record highs,
Hey, gold is up! (cool!),
The housing bubble is beginning to implode,and;
Bankruptcy filings exploded ahead of the Federal government's reinstitution of debt peonage.
I'm sure there's some bad news I missed. Welcome to the Bush economy!
Seriously, this will be the downfall of President Smirky, not any of the other bad stuff he's done.
When you get right down to it, people vote their pocketbooks.
And they are all about to be given a HARD kick.
The question is, how? How are they going to get more out of us, without triggering a full-scale national tax revolt? The ridiculous President's Tax Reform Commission is a joke too.
Dont be fooled - SS is bad, Medicare is WAY worse. Its a house of cards, these programs, and when it falls what do you think they will do? Disband it? Protect the taxpayer? Nope. Theyll take more $$ from us! Same way they use the AMT to tax upper middle class to pay for Paris Hilton's tax cut.
Just as bad is the "inflation that isn't really inflation". Left unquantified is what is going to happen to Social Security - depending on how quickly they let it collapse, it could be a disaster or a calamity.
I would only add our ballooning debt, and the increasing amount of that debt owned by foreign countries. In ten years, while were still there, the price tag for Iraq will easily top $1 trillion. That's 1,000,000,000,000.00 for all you yankees.
