George and the compassionate aristocrats borrowed every dollar they could get their hands on for trickle-down economics, international socialism for starving great Satan haters and ultra-expensive weapons the military didn’t want, but the military industrial complex wanted to sell.
There wasn’t any money for Obama to borrow. The Ben Bernanke bank printed it, the U.S. Treasury borrowed it. Paying it back gets tricky. Ben’s bank doesn’t have a vault. However, these are electronic greenies that only exist in theory. Ben can burn them by pressing a button on a computer. Not burning excess greenies creates inflation.
Compassionate aristocrats say it increases debt for your grandchildren. They aren’t economists; you pay inflation yourself.
In 1911, bankers gambled with Wall Street professionals and lost. The government made the practice illegal.
Alan Greenspan persuaded Bush and the compassionate aristocrats that bankers were smarter now. The law was repealed. The bankers bet housing prices could only go up. The professionals bet they could and would go down. The gamblers wiped the bankers out and took AIG down with them.
If the government hadn’t bailed out the 19 big banks that make up 80 percent of the industry, big business would have closed, smaller businesses that supplied them would have closed, small banks that loaned them money would have failed. This isn’t a great depression, it’s an economic collapse. When the Confederacy collapsed, the North’s booming economy took over. Back then, compassionate aristocrats behaved more like the plutocrats that owned them. When they migrated south, they were called “carpetbaggers.” They paid all the plantation owners’ back property taxes and the planter no longer owned the land; they did.
Steve Goebel
Joplin
