A lot of money was wiped out in the last few years.
Some folks on the left think that the super rich on the right took it.
WRONG.
It was lost.
Here's a parable of sort of what happened:
A Broadway producer thinks he has a a new property that he's sure is going to be a big BIG hit. It's going to be the most expensive show of all time but the payoff will be at least as huge, he promises.
He gets backers.
Other people are so convinced the producer is right that they invest in ancillary businesses that will feed off the success of the show. Many will be in the neighborhood of the show - so the real estate there and surrounding areas goes way way up in value.
Many people borrow huge amounts and are very leveraged in order to buy into the expected BOOM. Even the producer of the show. They buy real estate and shares in businesses that are going to grow because of the show.
The show opens and it's a flop. THE BIGGEST FLOP OF ALL TIME. Worse than Spiderman.
The producer loses.
His investors lose.
The businesses that were gong to score off off the shows success all lose.
The real estate developments around the showplace collapse.
The banks who loaned everyone the money don't get paid, so - since they're too biog to fail - they go to the government to get some back.
The taxpayers get stuck with a lot of the bills.
BOTTOM-LINE: EVERYONE LOST.
That - in a nutshell is what happened the last decade - GLOBALLY.
With socialists selling a bill of goods: "You can have your cake and it eat too! You can retire young and get free pensions ans free health-care and overpay for energy and real estate. NO PROBLEM!"
The money was lost. ALL THAT MONEY MIGHT AS WELL HAVE BEEN BURNED.
It's gone.
NO ONE HAS IT.
WE HAVE TO MAKE MORE FROM SCRATCH.
AND THAT DOESN'T MEAN PRINT IT EITHER!
It means MAKE IT, and there are only 4 ways to make new wealth: fishing, farming, mining, and manufacturing.
N
The USA can excel at all four - especially mining and manufacturing if the damn CO2phobic climate alarmist and their Brown-shirts in the EPA would just get out of the damn way!
This new burst of wealth creation will not begin until we elect a GOP Senate and a GOP President.
I hope we survive until 2012 ans make that happen.
DEDICATED TO EXPOSING DISINFORMATION AND PROPAGANDA AND TO PROMOTING UNIVERSAL HUMAN RIGHTS - WITH SHARP ANALYSIS AND BLUNT COMMENTARY. NO ADS. NO TIP-JAR. JUST THE TRUTH.
Well not exactly,the banks took the money and made a killing on commodities futures.
ReplyDeletewrong.
ReplyDeletenever happened.
Yes it did:http://www.ft.com/cms/s/0/645a8228-caad-11e0-94d0-00144feabdc0.html?ftcamp=rss#
ReplyDeletewrong knucklehead.
ReplyDeletethat was before the crash idiot.
excerpt:
Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.com to buy additional rights or use this link to reference the article - http://www.ft.com/cms/s/0/645a8228-caad-11e0-94d0-00144feabdc0.html#ixzz1Vn17oErb
The data released by Mr Sanders showed that on June 30 2008 Wall Street banks such as Goldman Sachs, Morgan Stanley and Barclays held the biggest positions in US crude oil, though their net positions were a mix of long and short positions. Front-month crude fell 21 cents that day.
IN ADDITION, I WOULDN'T BELIEVE A PEEP OUT OF SOCIALIST SAUNDERS.
BOTTOM LINE:
THE BANKS DID NOT TAKE THE MONEY LENT TO THEM BY THE FED TO BY COMMODITIES FUTURES.
SAYING SO IS A LIE.
RETRACT OR ADMIT YOU ARE A LIAR.