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- madpainter, on 11/09/2008, -4/+139So the US is going to throw $700 million at the top end of the system, so banks can buy other banks and give out bonuses to the people who got us into this mess. Meanwhile China is investing its money in infrastructure repairs and upgrades, and where the currency will quickly get into the lower end of the fiscal system where it is needed the most.
Anybody want to guess which economy is likely to struggle with hyperinflation for the next five years?
Anybody care to guess which nation will be the economic powerhouse in ten years, when our goods are services cost a fortune to produce, and can't be economically delivered to market because bridges are falling down and roads are crumbling, and people are sick from dysentery because our water and sewer systems have failed.
But we'll have healthy banks and wealthy financiers.
Too all our congressman and senators, you had no business voting, in a panicked rush, for something you didn't understand. You have been sold a disgraceful bill of goods. You cannot pump $1 trillion dollars in the economy overnight without expanding the monetary supply to inflationary levels. Far better that we should have struggled for two or three years with failed banks and tight credit. Far better if we had gotten something of value in return, like the Chinese, for the enormous monetary expenditure. But we get nothing, except the real danger of hyperinflation. Thanks guys. - inactive, on 11/11/2008, -2/+55No matter how bad America gets, guys, remember that at least gay people can't get married here.
- brad3378, on 11/10/2008, -1/+37I think you meant to say "$700 BILLION"
....Also keep in mind.
It's not inflationary if it doesn't reach the economy. So far it seems that none of the bailout money has.... But when it does, be ready. - uriman, on 11/11/2008, -0/+36Investing in infrastructure and social welfare projects? Commies and their crazy ideas.
- dsmx, on 11/11/2008, -2/+36Chinese spend less than the bailout and are getting something that will benefit every citizen in china whereas we spend more on something that only benefits the people who got us into this mess in the first place. Then we get people on digg who think socialism is bad.
- lokoluis15, on 11/11/2008, -1/+27Invest in infrastructure? You're doing it wrong. You're supposed to give it all to failed businessmen so they can afford their million dollar homes. Way to lower the standard of living, China.
- Shiftgood, on 11/11/2008, -3/+19Dear Mr. President.
I am in danger of going bankrupt. Please to has money now.
-Shift - Murdats, on 11/11/2008, -0/+15yeah, everyone knows trickle down economics is the only way to do it.
I mean sure no one else does it, and america has been doing it for ages and it hasn't worked, but just you wait, it will. - Conwaysb0718, on 11/11/2008, -1/+15at least china admits theyre communist.
- milkshaker, on 11/11/2008, -2/+15whats with the picture of the lady
- richmomz, on 11/10/2008, -0/+12Because everyone and their dog is knee-deep in debt.
- chuckDontSurf, on 11/11/2008, -0/+12Apparently the stimulus plan was her idea.
- Azerael, on 11/11/2008, -1/+13He didn't mention Democrats or Republics, buddy.
- obscenegrace, on 11/11/2008, -0/+10that woman in the thumbnail looks like she's expecting a check in the mail
- inactive, on 11/11/2008, -2/+12That chinese woman looks weird.
- demizer, on 11/11/2008, -1/+11This is an outrage! Why is our population so complacent to an outright swindle, yet the communists can do it exactly how it is supposed to be done? THIS IS BULL *****.
Soon Americans will be the ones making the plastic toys for a pea-pickers salary... - Kral, on 11/11/2008, -0/+9Your dog wants $586B of bacon.
- AndrewMoyer, on 11/11/2008, -0/+8she looks stimulated
- estee0703, on 11/11/2008, -0/+8They used to say that when America sneezed, the world caught a cold. Well America's got one hell of an STD and it' s been sleeping around.
- kernel16, on 11/11/2008, -0/+8Ya because they're only going to hire the rich as construction workers.
- mfc5200, on 11/11/2008, -1/+9You ever hear the saying, "If you make peaceful revolution impossible, you make violent revolution inevitable."?
For anyone who has ever been to China, or knows anything about the country, you know that the Communist party is in power, and hasn't been overthrown, largely because they have done a good job these past 30 years with double digit growth rates. The problem is, and the Communist Party knows this, is that once that ends, the people will want "change" to make things better. The problem is that the Chinese citizens don't have this privilege, but they are going to want this should things go south, just like the rest of the world.
The Communist Party thus knows (because they aren't stupid, definitely not) that the only thing keeping them in power, is their ability to bring about positive change. Like I said, they've done this successfully now since the late 70's. The problem is, that because they will never voluntarily give up power, they have to avoid ANY economic catastrophes in order to keep the people happy and content (as their lifestyles continue to improve at 10%+ per year).
China has never done anything like this ever before. I've been reading stories about factory closures and the like, but I brushed these things off saying "ehh its China, I'm sure its not a big deal, and they will be fine". But the fact that the Communist Party has decided to spend $500 billion + (a very large percentage of their reserves), must mean they are looking at some terrifying financial figures that haven't been released yet. The fact that they are doing this must means things are about to get terrible, and that makes me worry. Because they are a very financially conservative country.
I recommend anyone interested in these things read Phillip Pan's "Out of Mao's Shadow." This book really dives deep into China, the Communist Party, and what the entire relationship is based on. - diggan8, on 11/11/2008, -0/+7Everybody here gets a stimulus package!
You get a stimulus package!
You get a stimulus package!
You get a stimulus package!
You get a humpback whale! - frascellyboy273, on 11/11/2008, -3/+10awww $586 billion how cute!
- kernel16, on 11/11/2008, -0/+7What the hell are you talking about membership... are you like stuck in past? Everyone can read the article for free.
- chuckDontSurf, on 11/11/2008, -0/+7"Why is our population so complacent"
So I take it you've written your congressmen/women, at the very least? - mysticalone, on 11/11/2008, -0/+7*crosses fingers* PLEASE LET WoW Gold prices come down!!!
- ChromaVita, on 11/11/2008, -0/+7Except for the fact that they aren't.
- chuckDontSurf, on 11/11/2008, -4/+11Right, it was the Democrats who kept interest rates artificially low to inflate the bubble, and it was Democrats who rated all these crap mortgage-backed securities AAA, and it was the Democrats who twisted the arms of banks and investment houses to sell these things like hot cakes.
Stop listening to idiots like Limbaugh. Not everything can be blamed on one party. - kefkaantakrist, on 11/11/2008, -3/+9While I don't disagree with you in principle (throwing good money at bad banks DOES seem stupid compared to what China is doing with their stimulus dollars) I should like to point out that their infrastructure is still in its relative infancy and putting $600 Billion into it is going to have far more dramatic effects than would pumping $600 Billion into the US infrastructure.
Plus, as I recall from my PoliSci class, the Chinese government doesn't allow their insolvent banks to fail, and many of them should have, strictly speaking, been going under even before this crisis began. So if/when they stop propping up their failed banks, it might be an interesting development.
Finally, the $700 billion was not an economic stimulus plan... it was a bailout of the banking system. It was never going to stimulate the economy, it was just going to prevent the economy from imploding. In addition to the bailout, the US government has already passed one huge ($152B?) stimulus package and is considering another one. Hopefully this one will not feature a government hand out and will, instead, focus on improving the infrastructure to facilitate economic growth. - nerd05, on 11/11/2008, -1/+7I'm not sure you know that "touche" means.
- Akairenn, on 11/11/2008, -0/+6How do you figure that? My several computers were paid for, not bought on credit.
This is the same sky is falling ***** that was going around *before* the bailout was even mentioned. IE, "O HAI GUYZ TEH ATMZ WILL B OUT OF MONEIS BY NEXT WEEK! LAWL BUY GOLD AND BEANS! BEANS! BEAAAAAAAAANS!!!!!!!!!11111111111111111" - TonyLocNE, on 11/11/2008, -0/+5Because we're America and we always have corruption and debt.
- Glorydies, on 11/11/2008, -0/+5No hes printing his own money.
- HunterKiller, on 11/11/2008, -0/+5The biggest difference is that China's balance sheet is not way in the red...
https://www.cia.gov/library/publications/the-world ... - JigoroKano, on 11/11/2008, -0/+5It was the GOP and Clinton that deregulated the banks in the first place.
It was the Bush and the DNC that then bailed out the banks.
There is plenty of blame to spread around. - CrimsonBlur, on 11/11/2008, -0/+5What the hell are you talking about? We would have died without the bailout, are you freaking kidding me?
I will agree that some people would have died without the bailout, but it wouldn't have been the average citizen. It would have been all of the investors and bank execs committing suicide as they all lose their fortunes.
As for not having a computer to post on, I honestly just don't know where to begin with that one. Most people's computers are probably already paid for, and even if they are recent purchases on credit, we wouldn't have all lost everything we own without the bailout, don't be ridiculous. - inactive, on 11/11/2008, -0/+5Where can I apply for a bailout package? I dont even have food in my fridge. Lots of lentils and cup of soup... Chicken flavor! Sadly im not lying :(
- inactive, on 11/11/2008, -0/+5You own a Circuit City store? Or maybe a GM plant?
- ieee, on 11/11/2008, -4/+8FishHammer;
It was republicans who have been pushing deregulation since Regan, before that there were laws to keep this ***** from happening. George W. Bush also proposed and encouraged the socialization of the banks.
That happened just a few weeks ago, you can look it up in the news. - jhails, on 11/11/2008, -0/+4"Bend over please, another Wall Street Hedgefund CEO will require anal port of entry. Please empty your wallets in the receptacle provided and try to remain silent until the CEO has finished with you. That is all. "
- _skin_, on 11/11/2008, -1/+5PS... Whats your daughters number?
- sillykalcifer, on 11/11/2008, -1/+5would have...not of
- inhaler, on 11/11/2008, -0/+4I literally survived for a month off ghetto spahgetti..
..Ramen - flavor packet + Paul Newman's Marinara = lunch / dinner - geddon, on 11/11/2008, -1/+5Digg is in danger of understanding what the Communist Revolution was all about.
- inactive, on 11/11/2008, -1/+5New Deal China, soon China will be most powerful in the world.
- tama00, on 11/11/2008, -0/+4Did you start your own bank?
- acash0902, on 11/10/2008, -4/+8Touche, can't really add to anything you said sir.
- DyceFreak, on 11/11/2008, -3/+7no... first
the government gave the banks the ability to create this mess (Clinton period where regulations were removed)
second
they waited for the mess to be created
third
they used it as a reason to buy the banking industry, by paying off top "failing" banks CEO's with big "bailout checks"... its a bailout because the failure is no longer the CEO's responsibility, it becomes the governments. The government set up the system to fail so that it can take control with one swift "publicized" transaction.
Aim for the head and the body goes with it. Too bad we're the feet. - brad3378, on 11/11/2008, -0/+4The difference between the American way of Keynesian economics and the Chinese way is that we rely on deficit spending to finance it. The Chinese are savers and producers while we're merely consumers with unsustainable debts.
I subscribe to the Austrian school myself, but I don't see why a Keynesian system couldn't work for the United States if we didn't have so much corruption and debt. - pwner, on 11/11/2008, -8/+12Stupid communists wasting money on their citizens.
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