Sunday, July 10, 2011

Projections of Armageddon

I cannot help but remember the last time that we were warned of impending "financial Armageddon" if Congress failed to act. It was in 2008, and we were told that "toxic assets" had to be purchased from the holders of those "toxic assets" within days, or failures would occur on a scale unknown to modern man. The scope of that failure would be "unpredictable" because "failure on this scale has never happened before." Presidential campaigns were suspended to deal with the crisis, you may recall.

Oddly, those "toxic assets" never got bought and the appropriated money was lent to banks and auto companies at very low interest rates. False alarm, apparently, although no one ever admitted to that.

Now we face shrill screams of world-wide "financial Armageddon" once again. I don't know if this one is for real, or not, but then I'm not the one screaming about the impending "financial melt down."

One seldom acts rationally with a gun pointed at one's head, and I'm pretty sure that was the plan then, and is the plan now.

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