This is a great commentary that I wanted to share:
Happy Cyber Monday! A couple of weeks ago, I was discussing geopolitics and economics with someone on Twitter and they argued that we needed yet another bailout in order to prevent a recession. At which point I cursed the poor state of our school systems and replied that not even the US Treasury would be able to prevent a recession, in fact all of this money printing and deficit building would likely only prolong the suffering. Recessions are as legitimate as expansions or booms and bad businesses with fiscally irresponsible and archaic business models need to go out of business to make way for those who have modern business models and financially sound business practices. It is a part of the business cycle.
Reading the news from the Thanksgiving weekend only confirms my belief that we need recessions.
We need a recession because we have lost our ever loving minds.
We need a recession because we have reached a point where people will trample a pregnant woman and stomp another human being to death trying to be first in line to get a flat screen TV that we could have ordered online at walmart.com.
We need a recession because people are having shootouts and brawls at Toys R Us.
We need a recession because people who are two paychecks away from being homeless are running around buying Christmas presents for fully grown people with full time jobs instead of building an emergency fund and acting as if they deserve a gold star for cutting back this year.
We need a recession because fools in Atlanta are throwing $18,000 birthday parties for 12 year -olds catered by Chic-Fil-A and treating charitable foundations like the latest fashion accessory.
We need a recession because the credit glut of the last 20 years has lead to a bunch of materialistic, ravenous, unaccountable consumers who covet things instead of people and the only way to stop that is the power of the business cycle.
90% of GDP is consumer spending. We’re not making anything. We’re just fueling our economy spending money we don’t have..
A recession will soon teach everybody that credit is not wealth. Home debtorship is not home ownership. Your child won’t die if they don’t have a Xbox PSP, Wii, or WXYZ. Yes, you CAN survive living on less than what you earn. In the end all of this junk will end up in a heaping trash pile in somebody’s landfill.
We need a recession to teach us some common sense. That thrift and saving are virtues and Black Friday ain’t really a holiday. Black Friday is a creation of retailers and the news media.
There is a certain wisdom that many of our grandparents have/had. We saw them growing up. Making wine out of water. The original recyclers. They we’re recycling food, clothes, and furniture because they cared about the planet, they did it because they had to. They knew what it was like to walk around in shoes with holes on the bottom. They didn’t place their faith in the daily temper tantrums of the Dow Jones Industrial Average. They kept a little food aside for a very stormy day and for all of our jokes about hiding money in mattresses, they were probably right the way banks are failing these days.
Our political class is run by a bunch of feckless leaders who seem to believe that you can cure a credit glut by offering more credit. Billions of dollars for the bankers who created this mess in the first place? Its like trying to cure a bout of salmonella by eating more contaminated eggs. The sad thing is that our children and grandchildren will be paying for those rotten eggs
My Christmas list has three names on it. I’ll spend less than $200 this year as I do every year because in my family we pull names and I don’t have the problem with telling people NO!
We need a recession to smack us out of the MTV Cribs- Flip That House- coma that has beset us all. It is all an illusion. None of it is real.
I am throughly disgusted by those Wal-mart shoppers who had the audacity to be upset when police closed the store because it became a CRIME SCENE after a human being was trampled to death behind some consumer electronics.
“When told to leave,” some Valley Stream Wal-Mart shoppers “complained they had been in line for up to 24 hours.” A police spokesman said: “This crowd was out of control….” and “described the scene as [one of] ‘utter chaos. SF Gate
We need a recession so next Friday after Thanksgiving these fools will be sitting around the breakfast table enjoying family and friends instead of stomping someone else’s loved one to death or getting miffed that the crime scene tape is standing in the way of their $350 notebook computer.
In fact, I propose that each of you approach your city council with a “Black Friday Ordinance” make every retailer that advertises a “Black Friday” sale have adequate off-duty police officers on site to control the expected crowd and then send the fire marshal around to every store to shut the whole thing down if necessary.
Our thoughts and prayers are with the family of Jdimypai Damour. I am so very sorry for what happened to him.