In my last posting I tried to cover too much and I apologize for that. I attempted to link the intense suffering of the 25% of the world's population (who may yet starve to death) to the importance of the health of our enormous American economy. Our prosperity remains the envy of the world, and if you doubt, it is OK with me.
So, this time let's talk about only something that affects you in America (since from the response I got on last weekend I would have to presume that no one cares about anything else). I do hope that I am wrong in that assumption.
The automobile industry in the United States is on it's knees and I can't say they do not deserve a big portion of their problems. They gave Americans the kinds of vehicles they wanted to buy instead of what they should be driving and they knew it. Greedy Americans knew it too, but they selfishly chose to live in the moment or denial. I am not talking about just GM, Ford, and Chrysler, but Toyota, Nissan, Honda and all import brands. The many collective billions they have spent in research and development of hybrids, hydrogen and "all electric" vehicles could well go completely to waste or be delayed for decades until they are implemented - which will compound our problems further.
You breathe air, and as I ended my last posting with: "I hope we can open our eyes and do better," I hope you can allow that this is part of doing better.
If you doubt that it is true, you should be informed that the innovation of television was first delayed by the Depression and then WWII priorities. We could read books and listen to radio for fifteen more years, but we can hardly wait that long to breathe and have the next human made environmental impact.
I do not care how many automobiles are purchased with the use of retail credit. General Motors does not have corporate credit available to it right now. Healthy American companies (not GM) are paying more for credit use to fund daily business operations than they were two weeks ago and that is a great problem. A bigger problem is that small and medium sized businesses cannot get a loan and they are the greatest employers of Americans by number. If the House of Representatives had passed the bill they should have passed on last Sunday the Senate would not have just passed its version with an extra 180 billion in "sweetening" which we might just as well call Christmas tree lights.
The only good news is the raising of the ceiling on FDIC insured deposits to $250,000.00.
Without a vibrant banking system loaning money between themselves, us and business we cannot anticipate an improving future. By burying your money in the back yard you are stealing liquidity in the economy that it needs while you put your assets at risk of theft or fire. This and rumors of ATM machines running out of money permanently are the type of nonsense to be avoided.
I think some people might like economic collapse so that they can puff themselves up and suggest that:
You deserve this because you did not follow the "pure" tenants of capitalism, socialism, unionism, anarchy, or wiccanism.
We Americans steal all the good stuff and argue about how it is distributed among us.
War, greed, fear, violence, militarism, racism, famine, flood and other fun things.
A valued correspondent of mine said this to me recently: "They complain about straights, but they are no more intelligent or tolerant of other points of view themselves. They are just as obnoxious and dense."
I hope not. I hope everyone who participates in Bilerico does something great for themselves and others.