"It's as if you had $100,000 in credit card debt, with $20,000 per year interest payments, and you argued with your wife whether next year you were only going to charge an extra $49,000 on your credit card, rather than $50,000 more. Nobody in Washington is saying anything about the existing debt and interest payments; all they're talking about is a tiny bit more or less ADDED ON to the existing debt. It's bad enough that it's happening, but we have to listen to politicians in Washington posture with one another and give us lectures that are total crap. " (John)
John, it has been morbidly entertaining watching your predictions regarding Europe play out. Granted it wasn't difficult to see the reality of the situation if one simply looked for it. The MSM is consistantly "on-message" with the rosy outlook and like many, I have learned that when all the smart people are saying one thing I should start looking behind my back to see what is coming.
Your credit card analogy struck me as interesting as I just restructured my credit card debt. I had a couple of low income years when I returned to school and as a teacher with only three years exp. the pay is terrible. However, I used a major credit card/banking service to consolidate my debt and am saving over $400 per month in payments with a very low int. rate.
The application and approval for a $20k personal loan took all of 15 minutes over the phone. I supplied factual information and they checked my credit score and determined by that criteria I did not need to provide any other proof of my status a as a loan risk. I am pleased to be saving this money and will have my debt paid off much sooner now but I was left wondering, How many people are still making $hit up to get loans? I could have said anything I wanted to, but since my CS is in the 800's
that's all it took.
I think it just goes to prove what you and many on this board are insisting is true, the crooks and the people who caused the economic problems are still in charge and nothing has changed.
The PIIGS are a source of great amusement. It has become a complete farce. Whenever any of them make a statement, you can bank(no pun intended LOL) that they mean exactly the opposite.
I also agree with you that things are speeding up rapidly, the pot is coming to a boil. I am using my extra available cash to improve my familys situation and trying to make sure we are ready for whatever happens.
Keep up the good work John, I'm turning several of my students on to this board and am getting good feedback.