Quote:
Originally Posted by RIJIMMY
Mike, you know my opinion on this as I have been very vocal on the subject.
You've had some of the largest names in investment banks and brokerages close.
You've has major retailers close. Electronics have been the hottest selling items the last few years and Circuit City is bankrupt.
You have the major automotive cos soon to be bankrupt.
You have massive debt as the government keeps borrowing and devaluing the dollar.
You have a housing market that has not hit bottom.
You have trillions of dollars in junk debt in bad mortgages.
You have high unemployment.
No funky statistics, just what I see going on. I think the governments intentions are good but the bailouts will be short term burts that will soon slide us to a worse place than where we are now. Everyone I talk to is making no vacation plans for 2009. holding off on large purchases. Stores and restaurants are losing money.
Look to the future- another 2-10yrs. You have a record number of baby boomers retiring, bad 401k returns, bankrupt social security, high medical costs. How can this economy handle such a drain?
I think things are very bad and will get worse.
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I hear ya. With all the above said though, we're not starving to death, schools are in session, people are delaying purchases of "nice to have" items, but I don't see the sky falling. Yet.
The free market system got us here and the gov't "assistance"(interference by bailouts) is only prolonging our recovery, IMO.