Don King: “We in a Depression - Not a Recession!”

[J.B.moneY.]

You have such a superficial grasp of history its painful. It was under the Clinton administration that they dismantled the Glasse Steagal act that allowed the deregulation of the banking system and allowed them to issue the derivatives that are going to sink the economy.
The solution?
World government and global currency.

Wise up man.

well i just think if you have to choose between the lesser of 2 evils....i will go to the left most of the time.....however....i'm with you on globalization

[poontango]

well i just think if you have to choose between the lesser of 2 evils....i will go to the left most of the time.....however....i'm with you on globalization

Thats my point...there is no two evils. Its one evil disguised as two parties. Bush and ***** are both puppets.

[Left Hook Tua]

watching don king promoted cards is depressing.

[OnePunch]

Blame the banks for lending to people who were in no position to pay the money back (the 'sub-prime' sector).

The banks got greedy during the housing boom, that is true, but they really didnt have much choice anyways. Congress used the CRA to force banks to make all those low-income loans (backed of course by Freddie and Fannie), to fullfill the Barney Frank / Nancy Pelosi dream of "Everyone owning a home", even though obviously not everyone SHOULD own a home.

Blame national manufacturers and corporations for outsourcing their manufacturing bases abroad to cheaper countries.

Companies have a fiduciary duty to their shareholders. When the unions make you pay a guy $36 and hour to push a broom, and another guy $36 an hour to hold the dustpan, sooner or later it hits a breaking point.

What happens?

The credit supply runs out, people can't afford to buy things anymore. The items that people bought are then no longer being produced in China/India etc because the demand has diminished. Consequently, the companies go bust and can't re-locate back home because their own manufacturing bases disappeared when they outsourced the work to cheap, foreign labour (who are no defunct).

Not to mention that it weakens the dollar, so China isnt so quick to loan us money anymore (by buying treasury bonds). China is however buying up alot of US real estate at fire-sale prices though.....lol

Mass unemployment, no money and a recession.

And the Dems answer is to print trillions of dollars that we dont have, with not enough GDP to even dream about how its going to be paid back. Make room for some serious inflation, because its coming.....

[OnePunch]

supply side conservative economics DOES NOT WORK!....giving tax breaks to the richest 1% of americans is the dumbest economic theory ever!.....when was the last time we had a budget surplus, peace and prosperity...ummm a ******** bill clinton...and ***** has some of the same people.....oh and i think the 90's were good for boxing i remember

I dont know about you, but I've never been hired by a POOR man. And yes, the 90's (dot-com mania) were good. But dont forget the END of the 90's with the dot-com crash, and what kind of shape the economy was in when Bush took over.