Still not up to 1991 recession standards (Published by Calculated Risk)- but that recession was mild in comparison to this, especially if you look at Dow, S&P and Nasdaq – barely a blip on the radar. Right now they’re still exhibiting exponential growth – just like unemployment, and will continue to do so as long as unemployment keeps rising. And the stories I’ve been reading lately all speak of prime and jumbo prime borrowers losing their asses on their homes.
And then there’s this nonsense:
So, wait, municipal clients are getting fucked over by 15 to 25% interest? I’m sure some of this is in fees and others, but how else are these companies generating that disgusting amount of profit? We’re forcing our cities to borrow from private interests and not the Fed or Treasury and paying 15 to 25%, while banks are getting 0-5% interest loans from the Fed? Private industry shouldn’t make fat profit off government needs – it should be making less than usual profit BECAUSE IT HELPS US ALL. The government should get a fucking patriotic discount for allowing the businesses to operating in such a free land, but no, we get FUCKING FUCKED. Oh, I get it, these companies just issue insurance on the bonds, not provide the actual bonds – but that means that municipalities are paying some huge sums of money to insure the bond, and, I mean, how often does a town fail? So, again, taxpayers are basically getting screwed on this deal, and, here in California, we’re being asked to fuck ourselves some more by issuing 16 billion dollars in new debt, borrowed against future lottery earnings. To “Save the teachers and firefighters and police” – well, if we can’t pay them we either need to cut other services or raise taxes, not get more debt. That 16 billion will be 32 billion by the time it’s paid off. The extra taxes or cut services will only equal 16 billion dollars (or whatever).
To top that off, the 16 billion dollars isn’t even enough, by the time that money gets here we’ll need 16 more. Need to stop out of control spending. No on 1A-1E – debt is bankrupting the country and state, more debt will NOT fix that no matter how you slice it. Send a message at the polls tomorrow, stop forcing our children to pay for our fuckups!
Why don’t all the rich politicians take some voluntary pay cuts to fix this? But no, they fire teachers and say debt is the only way, while raking in hundreds of thousands of tax dollars from you and I annually.
Well, FUCK THAT!
Tags: no really we're really fucking fucked this time, total cockup, we're fucked, wild speculation