If a blogger looks back into the history of his own blog, digs up something he likes and uses it again, is it plagiarism or is he simply repeating himself? I'll go along with the latter as that's what I'm about to do. I reached back to my post of January 25, 2010 for the following paragraph. The title of the post was Old Guys Getting $cewed - and it's not about Viagra! If you're new to TPCI you should have a look at that one as it's likely better than what I'm about to write. It must have been good as Feed Burner stats tell me that it's the most popular post ever to TPCI. Seems all you have to do is mention Viagra and the Google freaks hunt you down. Here goes...
"Large US banks nearly destroyed the World economy when sub-prime mortgages, asset backed commercial paper, credit default swaps and other imaginary investment vehicles proved unsustainable. Sub-prime mortgages were a bad idea in and of themselves, then the BIG guys added insult to injury by bundling them into $100 Million packages and selling them to each other and off shore banks. Have they no conscience?"
So, why am I bringing this up again? Well, it seems to be taking forever but we're slowly digging out
of the mess, or at least some think we are. There is a fairly large contingent, me included, who believe that the US is in for a double dip recession within the next year or so. Heck, I heard a guy on CNBC yesterday saying that there's a 99% chance of this. Short of starting WW III to juice up their manufacturing sector the deficit and debt levels are unsustainable. As I arrived well after the end of WW II I don't remember Rosie the Riveter but as a history buff I've heard the song and seen the "We Can Do It!" posters.
You can't turn on the news these days without hearing about and seeing video of the riots in Greece. The Greeks don't get it. They're screwed! Think about it, as most of the world clawed it's way out the recession it stands to reason that the weakest links simply won't recover. Regrettably Greece is destined to return to the Third World and once again become a nation of sheep herders and olive farmers. As Greece goes down, others will follow. Other countries... maybe. European banks...maybe. US banks with huge positions in European countries and banks. Yikes! The Boomerang Effect! All these months later and it will potentially go full circle and bite the large US banks in the butt. It ain't over 'til it's over!
"Large US banks nearly destroyed the World economy when sub-prime mortgages, asset backed commercial paper, credit default swaps and other imaginary investment vehicles proved unsustainable. Sub-prime mortgages were a bad idea in and of themselves, then the BIG guys added insult to injury by bundling them into $100 Million packages and selling them to each other and off shore banks. Have they no conscience?"
So, why am I bringing this up again? Well, it seems to be taking forever but we're slowly digging out of the mess, or at least some think we are. There is a fairly large contingent, me included, who believe that the US is in for a double dip recession within the next year or so. Heck, I heard a guy on CNBC yesterday saying that there's a 99% chance of this. Short of starting WW III to juice up their manufacturing sector the deficit and debt levels are unsustainable. As I arrived well after the end of WW II I don't remember Rosie the Riveter but as a history buff I've heard the song and seen the "We Can Do It!" posters.
"All the day long, whether rain or shine she’s part of the assembly line.
She’s making history, working for victory, Rosie the Riveter"
She’s making history, working for victory, Rosie the Riveter"
So, what's my point. Well, I don't believe the US will start WW III to bail out their economy. Some of them are crazy but hopefully they'll keep her out of office. "I can see Russia from my front door". Jeez, give me a break!
You can't turn on the news these days without hearing about and seeing video of the riots in Greece. The Greeks don't get it. They're screwed! Think about it, as most of the world clawed it's way out the recession it stands to reason that the weakest links simply won't recover. Regrettably Greece is destined to return to the Third World and once again become a nation of sheep herders and olive farmers. As Greece goes down, others will follow. Other countries... maybe. European banks...maybe. US banks with huge positions in European countries and banks. Yikes! The Boomerang Effect! All these months later and it will potentially go full circle and bite the large US banks in the butt. It ain't over 'til it's over!
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