2008 crash deja vu: We’ll relive it, and soon

[Beacool]

By Paul B. Farrell, MarketWatch
April 26, 2011

SAN LUIS OBISPO, Calif. (MarketWatch) — Warning, the stars are aligning, again. Much faster. We’re repeating the run-up to the 2008 meltdown, leading up to the next election.

Yes, another crash is coming, unavoidable, just like 2008. Not because our totally dysfunctional government is collapsing into anarchy, thanks to the 261,000 Super-Rich Lobbyists. Not just because our monetary system is run by the Bernanke Printing Press Company. And not just because a soulless conspiracy of Wall Street CEOs cares nothing for democracy and the public interest, only for their stockholders and their year-end bonuses.

Another crash is coming soon because we’re back playing the same speculative games as we did for years prior to the 2008 crash. When we collapse, it will be because America’s leaders never learn the lessons of history. Never. In a BusinessWeek editorial, Peter Coy and Rouben Farzad described the bubbles:

“It’s as if 2008 never happened. Once again the worlds investors are pumping up bubbles that will probably explode in their faces. After the popping of a real estate bubble led to the first global recession since the 1930s, world markets are frothing like shaken Champagne. Pundits claim to have spotted price increases that are unsupported by economic fundamentals in assets ranging from U.S. farmland to Israeli biotech to Australian housing to Chinese cemetery sites. Commodities have soared. Global junk-bond issuance hit a record in the first three months of the year … this is the granddaddy of them all, an almost-encompassing bubble right at the heart of monetary systems.”

http://www.marketwatch.com/story/2008-crash-deja-vu-well-relive-it-and-soon-2011-04-26?link=home_carousel

Apparently we are incapable of learning from previous mistakes.

:-(

[edhopper]

1. The 2010 election proved that

Two years after the GOP's policies almost brought economic doom to out country, the electorate embraced the very same people who lead us to the precipice. It was twenty years after Hoover that the country put a Republican in the Whitehouse, and that was mainly because he won WWII.
Americans today forgot in a year.

As for Wall Street. As long as we have insiders like Geithner overseeing things, and refuse to impose any real regulation, this will continue to happen, The Sharks make money whether their clients win or lose, See; Goldman Sachs.

[Beacool]

4. It's a recipe for disaster because the economy is still on very shaky ground.

Wall Street is beyond shameless. The companies that caused the debacle all posted record breaking years in 2010 while continuing to lay off employees. Congress, and Obama too, mostly look the other way because they need their money to remain in power. Who else is going to finance their campaigns, the little people with their $5 donations?

Please.......

x(

[obxhead]

2. Why shouldn't they?

No jail time involved and they got to not only keep the stolen millions and billions, but got a bonus for doing so.

[closeupready]

6. That's exactly right. Sad that the sarcasm smilie is inappropriate here.

But that is indeed the lesson they have been taught.

[Beacool]

7. They had record breaking years, particularly Goldman Sachs.

They are all still doling out bonuses, while we the tax paying suckers who paid for their bail-outs, remain unemployed in large numbers. Borders just closed more than 100 stores. This past week their board of directors approved bonuses for the top executives. Isn't that great?

:puke:

[dionysus]

3. i have something to keep you warm in the bread lines, Bea;

:hi:

[Beacool]

8. Thanks, sweetie.

I'm still one of the fortunate people who didn't lose their job, but one never knows what will happen next in this type of economy. I may have to sell my banky collection.

:pals:

[dionysus]

12. if you have to sell them, i always have more...

:hug:

[Beacool]

14. Thank you.

You're a good soul.

:hug:

[LeftofBORightofBF]

5. Would it be bad...

Maybe this time we could get it right and put the people responsible in jail, let the banks fail.

If we let the banks that hold our mortgages go bankrupt what happens to those mortgages?

[Beacool]

11. It's doubtful that even then the ruling elites would learn their lesson.

Maybe they all think like Louis XV, "Après moi, le déluge".

:-(

[dionysus]

16. yeah, it'd be bad. the little people would suffer under a global depression but the rich would do ok

[BOG PERSON]

9. "The cheapness of capital gives facilities to speculation

just in the same way as the cheapness of beef and of beer gives facilities to gluttony and drunkenness"

[Beacool]

13. Food prices have been steadily going up worldwide.

Just last night I heard that the price of beef is going up by 7% to 10%, ditto for pork. Billions of people in the world spend one third of their meager income on food, the across the board food increases of staples such as rice (mostly due to natural events like floods and now the Japanese earthquake) have been particularly hard on them. It can make the difference from barely surviving to starvation.

;(

[Armstead]

10. Yeah, someone is making a fortune on gas, while the rest of us dig into empty pockets to pay it

We need some Big Sticks to bring the Speculative oligarchy under control, but all we get are twigs.

[kentuck]

15. I read that about $1 billion is made from each penny raised in price...

I don't know if that is true but somebody is making oodles and oodles of money.

[Armstead]

20. All I know is......

it aint me.

[xchrom]

17. Recommend

[Beacool]

18. Thank you.

:hi:

[upi402]

19. Hope, Change

horseshit. same old Republicans - in a different party.

it seems that people under 50 don't remember what a real opposition party is. too many protesters have gray hair. too many "Democrats" support DLC DCCC take-over of the former Democratic party.


too damn late to correct now. we are 100% propagandized.

we have the president, harvard lawyer, declaring Bradley Manning guilty in public - BEFORE ANY TRIAL!

good luck to us all, especially if we were never fooled and never stopped trying to sound the warning alarm.

[Beacool]

21. Yep, I've been saying it for a while.

Both parties are a mirror image of the other. They know that they are the only game in town and that we are stuck with them. Regardless of party, they laugh at us and proclaim: where are they going to go? They know that, with some exceptions, their base will vote along party lines despite their grousing.

I fervently wish that we had a viable third party.

Alas.........

x(

[cbdo2007]

22. At least this time I know how to profit from it.

After all I've got to put food on my table.

[Initech]

23. It seems the revolution is becoming inevitable.

[Beacool]

24. I don't know............

Even our protests are pretty wimpy compared to the ones in other nations.

:(