Pic of the day: Rocks and stream along the million dollar highway, Ouray County, Colorado
You’re afraid of making mistakes. Don’t be. Mistakes can be profited by. Man, when I was young I shoved my ignorance in people’s faces. They beat me with sticks. By the time I was forty my blunt instrument had been honed to a fine cutting point for me. If you hide your ignorance, no one will hit you and you’ll never learn.
Ray Bradbury, Farenheit 451
I don’t know. I just don’t know. I just read a story on Reuters that said the President is pinning recovery hopes on European leaders. Good lord, the way that Europe is looking right now, I don’t see it. Spain is running headlong into financial collapse. Greece is looking like they are ready to bolt the Euro zone. The way things are going, with how fast the euro zone is falling apart, they don’t really have much time. Months, maybe weeks, if things turn out really bad in Greece during the election there on the 17th.
The President also said that the U.S. banking system is prepared to weather whatever comes out of this. I hope he is right. But the problem here is that a deepening recession in Europe will ripple around the world and shake an already fragile world economy. And in the end that will do more harm to America, thus taking our shaky economy and possibly throwing it back into recession. With all the hard work America has done, with as far as we have come, we could lose much of what we have gained over the last few years.
And we have gained much. Several million jobs added despite a less than robust economy, with unemployment actually surprisingly being lower than it was when President Obama took office. A stock market that has bounced back to levels that they were at at just before the recession began, when things still looked good, before the bottom fell out of the economy in 2008.
I’d hate to see all of that hard work go down the drain. I don’t know that I could handle another recession.
In a related story, Standard and Poors are now saying that the United States needs to do something about the national debt. If not the U.S. risks having it’s credit rating downgraded again.
I wrote about this the last time these morons did this, when they downgraded us the first time. They are doing this strictly as a political stunt. They are republicans, moving to put fear of some catastrophe in the American people. Do you remember what happened when they did this the last time?
No? You wouldn’t be alone. It didn’t do much, aside from scare the crap out of some really stupid investors. It caused the DJIA to plunge and lose about 650 points in one day. The debt ceiling is still sky high, as is the debt, but it’s always been like that. And we have had to spend the way we have because of how bad the economy was before President Obama came to power. Without the recession of 2007 -2008, there would have been no need for the amount of spending we’ve had. We wouldn’t have spent like this as a nation without it. There’s more to it than that, and I’ll get into it again at a later date.
Without that spending the economy would actually have been in significantly worse shape than it is. That spending will have to come down. And it will. When we can. Not when the S&P says we have to.
That’s it from here, America. G’night.