We Keep Hearing We Haven't Hit The Bottom Yet With This Economic Crisis........

[global1]

I just heard on CNN a company that owns malls all over the U.S. is declaring bankruptcy. Something like a $25 billion dollar loss. So they haven't worked out a solution and they will go bankrupt and then downsize.

I'm beginning to think that all of these companies are using the current economic crisis as an excuse to sweep their mismanagement and mistakes under the rug. What a nice thing to do but to have a second chance and wipe the slate clean and get out from all the mistakes they've made through the years. In my opinion - this economic crisis is a godsend to big business and corporations and that - yes we haven't seen the bottom yet - because other companies will follow suit to give themselves a second chance.

We the taxpayers are the ones that will suffer and have to pay for their mistakes. This is what the rallies of yesterday should have been about. Not directed to our government - but to the corporatists that got us into this mess.

If that would have been the case - maybe I might have even joined the protests.

I have completely lost faith in - everything financial. Unless massive changes are made in the way banks, insurance companies, credit card companies, corporations, etc - do business - I'm going to have to hold off any future investments.

Stuffing the mattress seems to be the safest way to go.

[lamp_shade]

1. I believe The President has made that clear any number of times.

... that we haven't hit bottom yet.

[w4rma]

2. And with the Rubinites he's appointed, we won't hit bottom any time soon.

And the DLCers, in Congress, obstructing reforms are making things worse, too.

[Warpy]

5. The point there is that they can't stop us from hitting bottom

because, being conservatives, they have no clue how to stop the process.

We will hit bottom.

We might very well hit bottom even if Obama shoves them aside and manages to ram a second New Deal through Congress by June, as likely as the Pope on a pogo stick.

However, once things get violent and desperate enough for Congress to realize they can't just dick around with protecting the bankers, we will get what this country needs, or it's finished. My guess is that they would rather do what's necessary than give up their country completely.

[w4rma]

6. Exactly. (nt)

[ejpoeta]

7. funny thing about that.....

when he says that, they complain that he is being a downer. which he isn't. it's called being honest and talking to folks like adults! but anyway... if he came out and was saying how things are looking up and we're gonna be back in no time... they'd be complaining that he is being too positive when people are still losing their jobs. Do they just automatically have to take whatever he says and complain about it!!! i prefer honesty and telling people how it is. I am not stupid. I can see what's going on for myself. Get with it MSM!

[Proud Liberal Dem]

8. I remember Monica Crowley(?) on talk radio complaining that Obama has been positive/hopeful enough

like Reagan or something like that. Frankly, I think that she's acting as though Obama is talking our country down which he is not and I'm sure he's hopeful about the future (that WAS what he ran on, right?) but it doesn't seem like him to sugarcoat what is an extremely dire situation right now. Maybe not as dire as, say, last fall, but we're definitely nowhere near being out of the woods yet. Frankly, I prefer that Obama- and the rest of our leaders- be honest with us and tell us the harsh truth about our situation rather than trying to make things look better than they are. For him to say that things are looking up or that we're on the rebound right now would be rather premature and, frankly, a bit delusional- not unlike Bush.

[ejpoeta]

9. well, there is a reason people trust obama. he IS honest about the situation.

he says that we will come back from this and things will be better... but we aren't there yet. and that things will get worse before they get better. honesty. that is what we need!!! i remember how bush and his buddies went around with the aid of the media telling us that we weren't in a recession and we all KNEW something wasn't right. maybe technically we weren't in a recession, but the way they approached all of this was disingenuous and counter to what folks out on 'main street' knew in their gut. phil gram said it was all in our heads. if obama were to say it's all good now would come off the same as that bs from bush did back then. maybe the media wants him to say that because they know that it wouldn't ring true to people and his numbers would come down.

[Taverner]

3. Not sure if we have hit the bottom, but the consumer spending bubble blew wide open a while ago

So the folks who say that bubble has yet to burst are talking out of their asses

[GoesTo11]

4. stuffing the mattress is far from safe

your dollars will become as valuable as the paper they are printed on.

better stuff that mattress with gold, baby, gold gold gold.