THE 1970'S DID NOT HAVE THE STRUCTURAL TRADE DEFICITS...OR THE MASSIVE BUDGET DEFICITS OF TODAY...
AND CREDIT CARDS WHERE A "NEW THING" BACK THEN!! USED ONLY BY THE CREDIT WORTHY BUSINESS ELTIE...REMEMBER AMEX, AMERICARD AND DINERS CLUB...ETC...
UNLIKE TODAY WHEN THE WORKING POOR ARE BUYING THEIR FOOD AND GAS ON CREDIT CARDS!!
BERNANKE WILL HAVE TO DO A " VOLCKER" AT SOME POINT... EVERYONE KNOWS THIS...BUT THE NOTION IS ALWAYS TO PUT OFF REALITY...FOR AS LONG AS POSSIBLE. THEN, BITCH AND SCAPEGOAT WHEN THE SHIT HITS THE FAN...
ALSO TO RALLY THE MARKETS...FOR JUST ONE MORE DAY...!! JUST ONE MORE...
AND THAT IS REALLY THE PROBLEM ...
SO MUCH "FAST MONEY" IS BEING MADE ON WALL STREET CHURNING 401K MONEY... THAT LONG TERM THINKING IS OUT OF THE QUESTION...
UNFORTUNATELY THAT BIZARRE NOTION HAS CREPT INTO THE FED'S THINKING TOO...ESPECIALLY RECENTLY.
NOW THE PROBLEMS START....
