shite hits fan
And with the money gone, Obama's reforms evaporate. Remember Bill Kristol on Colbert saying it was fine if the Dems took the White House in 2004 because they could be left holding-bag-when-shite-hits-fan? Well. Plan B. And all in time for the glorious End Time, 2012.
Wonder. Have any Theocratically EnRaptured Churches lost their shirts?
Was the 'Credit Crunch' a Myth Used to Sell a Trillion-Dollar Scam?
[...] Of course, no one disputes the fact that as the economy has tanked, the number of new loans being issued to American families and businesses has plummeted. But is because credit has dried up for qualified borrowers?
Economist Dean Baker doesn't think so. He explains the situation in simple terms: The media, he argues, "are blaming the economic collapse on a 'credit crunch' instead of the more obvious problem that consumers just lost $6 trillion of housing wealth and another $8 trillion of stock wealth." It's a commonsense argument: much of the economic growth of the Bush era existed on paper only, built on the rise of a massive bubble in real estate values rather than growth in productive industries. When all that ephemeral wealth vaporized -- and with the economy shedding jobs like a dog with dermatitis -- consumers stopped buying, and businesses, anticipating a long slowdown, stopped seeking the loans that they might have otherwise tapped to expand their operations.
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