I totally agree, that the value of the dollar is being dbased, but what choice did Bernanke have. I have heard so many stories about Bernanke being a true student of the Great Depression, and in many of the articles I have read, it was the tightness of money, along with the confidence of the nation that prolonged that era.
In 1937-38, the american economy was coming of the depression, but I read that taxes were suddenly raised, and credit was curtailed thereby prolonging the Depression. The WW II came along, and America ramped up military production to support England, and Japan attacked America, thereby allowing the economy to one again flourish, but I do not believe that anyone would want us to back to that ear again.
Todays tepid recovery, is just that, tepid, but then America has become a country of have's and have nots. I agree there is much fraud, and in some cases there is an allusion of a real robust recovery. All I am stating that compared to what happened at the end of 2008 shook me to my core beliefs. The beginning of 2009 was no better either, for the next six months the job losses of hundreds of thousands scared me to death.
I even reminded my son, right after he lost his job, that I still believe in Capitalism, and that he was not to give up hope. My son even had to move in with Mary and me for a month, but then things started to turn around, he returned to Florida and that summer he found another job, but at alot less pay. He stayed at that job, and eventually two years later his pay was increase, and now four years later his life has turned around for the better. He also has the support of two children, thou his youngest is now with his ex wife, and she has remarried.
I don't look to blame anyone, the same way I didn't blame Nixon when my cousin came home from Vietnam and died, or when I lost my teaching job after three years of being bounced around in a school sysyem that was constantly having the budget cut.
The American lifestyle is never fair, but when I look at the world, I will take this way of life, and do the best I can.
As for Detroit, that place died in the seventies, cars are made almost everyplace else but Detroit. The bailout as served the midwest quite well, GM might still owe $ 25 Billion, but to me it was money well spent, America still makes cars, and GM alone will do almost 150 Billion, and Ford will do about 132 Billion in sales, and Chrysler is still sticking around. Ford might not have recieved bailout money, but when it comes to parts, the suppliers are many of the same.
America must also compete ina world economy, and that is not easy either, our rules are not shared by all, but at least the world is on the path of trade, rather than all out war.
Lastly, I agree its hard to look ahead, but I also remember my father's words, what once was, is no longer, so you have to learn to change, and if you ever think life is hard, try sleeping in a fox hole when its raining. If you are smart enough to get yourself out of the hole, then life will get better.
Besides, I tell my son, I don't make much in the stock market, most days I make 10-30 cents on a trade, and then I give it back. But my bills get paid, and we have food in the house.
My last rule, you never gamble your home on anything, it reamins my cornerstone to keeping life in my perspective.
When Monday morning opens up, I have no idea what will happen, but I am Bullish. I like being Bullish, as compared to being Bearish, and if real estate turns around, the American Economy will become even stronger.
Mary and I just returned from errands, Staples was having a great sale, there merger with Office Depot did that. So we took advantage of the 20 % off, and then used it with Mary's Discount Card. JUst like my airplane tickets, I used my American Express card, and my points to save money. MY Bi-Lo card allows us to buy our gas with credits from buying groceries. Each month we get almost $ 1.30 off each gallon of gas, now its only good once a month, but it sure helps. 15 gallons of gas with $ 1.30 is almost $ 19.00. YOu have to find new ways to save money, when you spend money on things you buy each month.
I will check out your three references, I read alot each day, and as much as some in this forum think, America is still the best play when it comes to the quality of life.
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