"The U.S. economy's on the verge of a massive recession." (July 2, 2007)
"The worst is yet to come... The fundamentals are not sound - they're awful... This is going to be an enormous credit crunch. The party is over for the United States... It's not just subprime - it's the entire mortgage market." - (August 18, 2007)
***
"The reason the economy's in so much trouble is because of all the prior government stimulus. You know, they're the ones who got us all drunk and all leveraged up with their low interest rates. And now, Barack Obama and Bernanke are doing exactly what Bush and Greenspan did, only worse."
"Nothing has changed. I think the reason they want everybody drunk is they think they've got a better chance of getting re-elected that way."
SCHIFF: What we should have done is let all the institutions that made bad investments fail.
STEWART: (sarcastically) They're too big to fail!
SCHIFF: No they're not. They're too big to
bail out. We need to let them fail. The economy would actually benefit from a lot of these bankruptcies. Now we're suffering from all the bail outs. And unfortunately, we need to allow the economy to restructure. The problem is too many Americans bought too much stuff that they couldn't afford with money they didn't have, and we have to go back to a basic economy where the economy grows based on
underconsumption, based on savings. We have to produce more and consume less. [...]
"We're buying stuff with money from the Chinese, from the Japanese. They're not going to keep lending us money that we're not going to pay back. If we really want to consume, we have to start making stuff again, because pretty soon -- You know, people think it's bad when your house loses value. Wait'll you see how bad it is when the
money loses its value and we can't buy anything."
"The credit crunch is part of the solution. The problem was all the reckless credit that preceded it. You know, when Barack Obama says that credit is the life blood of the economy -- he's talking about consumer credit -- it's
not the life blood - it's the cancer."
"Massive inflation -- which is what we're gonna get - we're just gonna destroy the value of our money -- that's gonna wipe out the savings of average Americans and destroy the value of their wages. Meanwhile, by propping up all the industries and the companies that need to fail, we're preventing companies that can expand from growing and hiring those people."
"We have to change the path. You know, Barack Obama talked about the fact that when you're driving towards a cliff, you need to change direction. The problem is all he did is step on the gas. If we could actually change -- You know, he ran on a platform of change. If we can actually get change instead of more of the same, then maybe we'd have a chance."
From last night's
The Daily Show ( video at [
www.thedailyshow.com] )
Liberals bow before a Democratic Party that ignores them and does the bidding of corporations. The reflexive deference to the Democrats by the liberal class is the result of cowardice and fear. It is also the result of an infantile understanding of the mechanisms of power. The divide is not between Republican and Democrat. It is a divide between the corporate state and the citizen. It is a divide between capitalists and workers. - Chris Hedges
i never miss gause's show.