What is/are the cause(s) of this economic peril?
Tell me how fundamentals are good when we are a consumer based economy, with 70% of GDP dependent on you going to the mall or to Wall Mart and buying things and consumers are tapped out with debt, can't get new debt, income is stagnant, employment weakening and stock portfolios and home equity is declining rapidly?
Everything you describe is part of the belt tightening. yes, we do shop at Wall Mart, or the Mall, but no more excess spending first at the top, and second at the bottom. We can't get out of this mess by continuing to live beyond our means. St tammany is very correct pointing this out, in one of his posts above. The good news is, we still have our jobs, and that is the ticket to crawl out of this mess. Yes, it won't be easy, and if McCain wins, he might have to pay the price for the belt tightening and the pain associated with it.....but its worth it!
The fundamentals are absolutely not good in the short run and restoring them to equilibrium requires "adjustment." Government intervention distorts and postpones "adjustment."
I agree with the statement that the "Government intervention distorts and postpones "adjustment."
What I mean by the strong fundamentalls is this: ""Our workers are the most innovative, the hardest working, the best skilled, most productive, most competitive in the world. My opponents may disagree, but those fundamentals of America are strong." John McCain.
face it blackadder.....it will be us, you & me and millions like us who will have to start digging ourselves out. And let me assure you: I have 100% FAITH in your abilities, just as I have 100% faith in every body's ability to adjust. We will survive this!