Posted by Buzzman72 on March 11, 2009 at 10:21:25 from (4.253.116.114):
In Reply to: Re: OT/Recessions? posted by bruster on March 11, 2009 at 09:11:18:
Notice the TRILLIONS of dollars poured by both the government and the Federal Reserve into propping up the banks, and yet there's virtually no inflation? Ever wonder why that is? It's because the banking system is bankrupt, just like the 1930's...it's just that nobody wants to be the one to actually state the truth and cause a worse "panic" than what's already occurring.
If the banks weren't essentially bankrupt, all that cash would have them begging people to take out new loans...and that's simply not happening. Right now, banks are taking the money--and holding it--just to remain solvent [or to APPEAR to remain solvent].
With all the job losses already, wage deflation is on the way. It's alread happened for the UAW, and as the ripple effect occurs you're gonna see it in lots of other industries. And as wages come down, and disposable incomes come down, sales of all kinds of nonessential products will decrease...and the spiral will continue to unwind until it reaches bottom this time.
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