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...as they did before the 2008 crash.
We still have derivatives. We still have credit-default swaps. The banks are still behaving badly. Why in the hell would our country--or other countries that have similar messes--produce any outcome other than DISASTER?
Furthermore, our economy is worse than it was at the time of the 2008 crash. We were humming along just fine in 2008. Now, we've got skyrocketing unemployment, continued foreclosures, shattered consumer confidence and people are braced for disaster. Our economy is 70 percent consumer spending. People are not spending recklessly as they once were. People are paying off their credit cards--not running to Pier One to buy $50 candles and $300 glass-tile end tables.
There are fewer and fewer cards propping up the house of cards.
Frankly, I don't understand why any of it is still standing. It's beyond my comprehension. I guess the elites who run the cocktail party circuit (ie--the ones who created this mess) are the only ones who know for sure.
Italy is next, by the way.
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