What Atrios Said
Eat Up; Courtesy Of Your Elders And Betters (Photo By Machine)
I'm not in the habit of reposting another individual's writing in full. It's an Intertubes tradition not to do so, as it betrays a lack of original thinking or insight or some Thing.
I am reposting this, however, for obvious reasons -- among which, I am just very, very upset about many Things in this Great Land Of Ours ©, and suspect that what Black writes about here is just more of what's to come.
Thursday, May 31, 2012
What Do You Expect Will Happen When People Have No Jobs And No Money
I knew we had a wee housing bubble because I knew that not enough people possibly had enough money to really afford that many houses at bubble prices. Similarly, I know the economy is going to continue to recover slowly, if it all, because people don't have jobs and money. I also know that if you deliberately enact policies with the obvious consequences of making large numbers of your population jobless, such as firing large numbers of public sector workers, then newly unemployed and broke people aren't going to spend any money because they don't have any.
The people who rule the world have jobs and money. They don't know what it's like to go from living paycheck to paycheck to living with no paycheck. They support the policies that they do because they cannot comprehend the obvious consequences of this.
Probably they're evil, too, but we'll never fully resolve that question...
by Atrios at 10:15
Noch Einmal, Mit Schwein: Well, this makes me feel so much better.
May 30 (REUTERS) - Nationalised Spanish lender Bankia is offering a Spiderman towel to young investors as part of a drive to hold onto deposits after being taken over by the state in the biggest bank rescue in Spain's history.
The bank, which holds around 10 percent of Spanish deposits, is offering the prize to youngsters if they manage to save 300 euros ($380) by the end of the month...
Spain's fourth largest bank is in line for a 23.5 billion euro state rescue after it became clear the lender could not handle losses stemming from a property crash and compounded by a recession.