Politics
Out of context: Reply #679
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- hallelujah0
Krugman: When I heard news about this plan my first thought was "Kommisar Paulson is seizing the means of Production". This is the most socialist move we've seen by any administration in God's knows how long, and it's coming from the Bush Administration
But then of course, Bush has always been a socialist when it comes to his cronies and lobbyist buddies in the financial markets on Wall Street. He only believes in darwinistic capitalism when it comes to Main Street economics, when it comes to your paycheck, your health care and your pension. All of which have just been completely fracked to the tune of nearly a $Trillion in additional U.S. Debt.
Krugman: Look, this is really scary. This is really bad, This Could be 1931 - The collapse of EVERYTHING, so you have to do something big. There are no athiests in foxholes and no liberterians in a financial crisis. When things are really bad, and people are at all rational - well,thank God we've got Hank Paulson as President - we get a response.
Maher: Well, I've been listening to financial experts, and no offense, but it seems like they don't know what's going on.
Krugman: Yeah, right look. Anybody who knew what was going on would have been in a Bomb Shelter by now. This is panicky. Quite Seriously, Like, I was looking at the numbers on Wednesday and I thought "The World is coming to an End", and apparently the people at the Treasury Dept. thought the same thing. This was - boy - this was the worst thing I've ever seen.
Maher: So, the market's rebounded. What's your prediction for next week, and the week after that - are we out of the woods or is everything just beginning?
Krugman: We're probably just at the beginning.
Maher: Aw, geez.
Krugman: We probably won't have everything melt down in two days, which could've happened. The best scenario is that the economy's probably going to get worse for another year, and the housing market is going to get worse for another two years. This is not the solution, this just avoiding disaster!
Maher: To me I think, from a layman's point of view for the last 20-30 years, America doesn't make anything. We used to manufacture stuff, cars and stuff. Arab and Colombians drill oil, Indians make code for computers. China makes DVD's - they make them out of pigshit and mercury - but they make something. Y'know what America makes? Debt. The Financial Services industry just makes debt, it's really pushing money around on computers screens.
Krugman: Well, your right, and in way we actually do have fair trade with China. They sell us poisoned toys and tainted sea food and we sell them fraudulent securities.
Krugman: Everything did eventually come back after 1933. but really, we need a better Government than what we've got.
- 2nd paragraph: not krugman; editorial comment by the posterhallelujah