Coming Sooner Than You Think - The Economic Tsunami

[clem_c_rock]

http://www.counterpunch.org/whitney04082005.html

<snippit>
There are a number of signs that the economy is close to meltdown-stage. Even with cheap energy, low interest rates and $450 billion in borrowed revenue pumped into the system each year, the economy is still barely treading water. This has a lot to due with the colossal shifting of wealth brought on by the tax cuts. Supply-side, trickle-down theories have been widely discredited and Bush's tax cuts have done nothing to stimulate the economy as promised. Now, with oil tilting towards $60 per barrel, the economic landscape is changing quickly, and shock-waves are already being felt throughout the country.
</snippit>

[Double T]

1. SURFS UP !!!! Put on your crash helmet and hold your breath............

......the Bush economy is about to get real ugly !!!!

[ktowntennesseedem]

2. "Economic Tsunami:" Get off the beach now!!!

Only time to skim it now at work, but I've bookmarked it to read in more in depth at home this evening. Thanks for posting what appears to be a real eye-opener.

[Pharaoh]

3. great article! a must read

nominated!

[donkeyotay]

4. This is a good primer for those without much time to read up

on the subject of the planned bankruptcy of America is going. The folks that do the stock market threads have a lot of good information. One thing I read there yesterday that stunned me was that about 40% of the S&P 500's profits are financial. So Unka Greenspan has given corporate America free money for years now, and they're doing fine, while average Americans are going tits up. The thing I don't get is, that since they have an unlimited ability to create money and shore up markets, when/how does it come undone?

Then there's the bit how so much of the money buoying up our treasuries comes from the Carribbean...

[unblock]

6. just look at gm alone

gmac, gm's financing arm, is hugely profitable, yet gm debt is now at junk status.

they're now more of a finance company than a car company.

[gollygee]

5. Fabulous article and nominated

thanks for posting this!

[unblock]

7. what trickle down there is goes to emerging markets, not the u.s.

back when reagan pushed his supply-side crap, the rich at least did invest in the u.s. the trickle-down was small, but there was some effect (albeit FAR short of the rightwing "expectations").

but these days, foreign markets, such as russia, latin america, and europe are far more promising than the u.s., especially with mr. deficit in charge. heck, even iraq is more lucrative than the u.s., at least if you remember to donate to a few choice republicans.

so all the tax cuts are doing is stimulating foreign investment. this is of no use to the u.s.; in fact, it's a net negative, because it exports jobs and therefore reduces domestic demand.

[NuttyFluffers]

8. *sigh* Les Miserables all over again...

i wouldn't want to let these bastards get away with it. there's something to be said for the end of that play.

perhaps it is time that humanit moves away from usury (aka. banks) and stock markets. they just don't work. what little time the nyse has been around has been some of the darkest times in america's history. perhaps it's time to reorganize things...