Doc: Turn and coff. Give 'em a trillion or two and don't call me in the morning.
I think that one part of the new world order wasn't speaking with the other part. Are we seeing a rift growing between manufacturers and bankers?
This is especially true in the US where bankers have been cashing government cheques, no questions asked, while GM and Chrysler are being asked to commit suicide.
You'll be interested to know that a strong economy needs manufacturing while we can do without the present, useless bankers because they're easy to replace.
You see, in an economy like the one I describe below*, the best entrepreneurial minds had migrated from manufacturing to financial speculation. It's so much easier without government regulations (Thanks to Bush43 and Brown!).
You'd be stupid to open a factory in this type of situation. Who wants to make health insurance payments and destroy unions, even if the law allows? Instead of building stuff, the brains played with paper and were they ever clever! In fact they played with Cartesian reality.
Junk loans are an investment vehicle.
Sub-prime teaser loans are actually illegal predatory loans
made especially for poor minority people with bad credit!
So, let the fighting begin. I'm grabbing a box of microwave popcorn and taking a front-row seat.
Business vs. Banks
* Just reviewing an old theme, because of globalisation, the Western economies were descimated by the escaping factories which were magically reappearing in the Third World. So, (whether consciously or not) our economy was buoyed by nothing else except consumption and the fake sense that we had strong investment portfolios in shares and real estate when our economy wasn't producing but a fraction of the manufactured goods that it was consuming. Can you say 'balance of payments'? We were effectively growing our market by borrowing (from China, from the future).
Why would banks lend money to poor people by teasing them with the illusion of a cheap loan? Because they had no more ideas about how to make good money, so they repackaged these bad loans and sold them as investment vehicles. All they were thinking is "somebody's gonna pay my bonus. Screw the economy."
It was all fake. We should have been living in reality, but it was too sh*tty for politicians to get re-elected, what with the factories gone and the people up to their eyeballs in debt, so it looks like the government helped to cook the books (mainly the US and UK) in order to stay in office.
