Thursday, February 18, 2010
5 Million Foreclosures IMMINENT!
5 Million Foreclosures coming, state unemployment claims increase by 31,000 last week and a pilot crashes into an IRS building. What a day? Does any still think that we're in a recovery?
The Ticker guy (Karl Denninger) pointed out that only 21% of the American people believe that the federal government enjoys the consent of the governed. A number that is only one point higher than the almost of people who were loyal to Britain in 1776. Karl thinks that the political class said be worried, but I don't see why. The best predictor of future behavior is past behavior. Does that mean that we're headed toward a revolution?
Not necessarily. The American people of today are nothing like the revolutionaries of the 18th century. Americans a desperately dependent on the government and lack the will to force the government to do anything. Americans will vote Republican in 2010, the GOP will take over in 2011 and spent money like a spoiled valley girl with her dad's credit card.
The wars will continue, the middle class will evaporate, the government will get bigger, the deficit will continue to explode (but at a slightly slower pace), the dollar will implode, people will hate Obama, Mitt Romney will be elected as the 45th U.S. President and we'll descend into a fascism third war nation.
Or maybe I'm wrong. You tell me what you think.