America is finished. The American dream is dead.
New America. An idea whose time has come.
these really are two distinctly different ideas.
For over 2oo years we've heard this same prediction and rhetoric. The end only comes once and if you think this is it what are you gonna do?
The facts aren't in dispute. Americans where in a gov't/globally subsidized real estate bubble from '94 until '07. Billions upon billions where loaned to Americans with little or no expectation other than the value of the home would continue to rise. Well, every bubble bursts just like every rose has its thorns.
The bubble bursting and the big three are unrelated except that common thread of gov't regulation and red tape have aggravated the hang over.
Lee Iococa's first autobiography predicted the American auto companies demise, and low 25 years later it came to pass. Everybody makes money building cars in this country except those employing the UAW. Lee wrote this was not the exclusive fault of the union...management and gov't are also deeply involved in the demise of domestic manufacturing. This will change.
Most of the bubbles in America's economic history are real estate and banking related. Our gov't is doing the same thing they always do during these hangover episodes.
The big difference is that back in the "old days" our gov't had cash money and now we have to go borrowing.
An interesting side note, the port authority of nj/ny tried to sell bonds the other day and had no bidders. You can't imagine the obligations this organization has..just one is $300k per day of delay in making the WTC site construction ready.
As usual, every crisis is an opportunity (the Chinese use the same word for both) We'll see some real leadership for a change. That means saying no to every empty handed Obama saluting SOB wanting new C-notes for his or her unintended consequences. However, we'll have to find the bottom of the cookie jar first.
On a personal note, How do you wake up in the morning without putting a shotgun in your mouth?
CC