Saturday, April 21, 2012
Credit-topia salutes the Emperor of Credit-topia
Can you imagine a country wracked by inconceivably massive debt?
Now, can you imagine a country where those those seeking to fix this problem of massive debt want to embrace - and repeat - the policies of the administration that caused this massive debt?
Welcome to the United States of Credit-topia: invented by Ronald Reagan - and his team of crack borrow-and-spend "supply side" debtors. (what they "supplied" was debt.)
Fact: During the Reagan years US total credit grew at fantastic clip of 10 percent a year - far more than any other period since World War 2.
Fact: During Reagan's 8 years as Emperor of Credit-topia government debt increased by nearly 200 percent - from about half a billion dollars to 2 Trillion dollars
Now we have the Democrats who don't really seem at all concerned by the problems of Credit-topia, and the Republicans who seek to fix the problems by embracing the cause of the problems and repeating those policies.
How can We as a Nation be so inconceivably stupid?
The answer isn't important.
The fact that the situation is obviously going to get much worse before it gets better is important.