I Told You So...

Back in February I warned of Washington Mutual Bank being run by a bastion of greedy cluster fucks who didn't know what they were doing, and didn't care that they didn't. I then painted the same scenario regarding the financial institutions all across America. Washington Mutual stock has lost about 90% of its value over the past 12 months. Many more banks are to follow, rest assured. I also advised investing your money in your mattress. Why? Because you simply can't trust anybody to manage your money for you. People are always careless with other people's money. It's that simple.

This last week we have witnessed bank runs. Interesting. We have not seen that since the Great Depression. In the meantime we have the government telling us not to panic. Bullshit. Here's the scenario: The Titanic is sinking and the government is running around arranging deck chairs and playing nice music.

Yes, it's going to get a lot worse before it gets better. However, citizens are pleading to the 'government' to save us and to regulate things. I've got news for you all: The government can't do shit for you. Unless you can wipe greed out of humans, it will never change. I've yet to see a law against greed, but I'm sure they will try. Just like laws about talking on your cell phone while driving, but that's another rant.

Bankrupt: The 2nd Great Depression

The American economy drives the world economy (for the moment at least). The American economy is driven by consumer spending. Consumer spending is driven by the purchasing power of American citizens.

Guess what. We're broke.

American consumers have no more purchasing power. Period. We've maxed out our credit cards, mortgaged our homes, and sold our souls all in the name of capitalism. There is nothing left to bargain with.

We are no better off than we were in the 1930's. The Great Depression is just far enough out of our memory where I think we are doomed to repeat it again.