For Debt Crisis Lessons, Look Back 225 Years... (CNN.com article)

Dixie

Dixie

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I found this article rather interesting:
For debt crisis lessons, look back 225 years - CNN.com

(CNN) -- America's political leaders are paralyzed. The government is reeling from debt. Corrupt bankers foreclose on people's homes as a brutal recession sweeps the land.

We're talking, of course, about the great debt standoff of 1786: Shays' Rebellion.

Nervous Americans glancing at the upcoming August 2 deadline for raising the debt ceiling are being told that the nation is entering uncharted territory. But historians say they've seen this movie before.
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Full article at link above and here:
For debt crisis lessons, look back 225 years - CNN.com

What do you think? Is President Obama really doing all he can to reassure the American people that this will be resolved soon? Do we need to give the government more or less power? If we had a new leader - what kind of leader would you want to have sitting in the White House?
 
Gold (and silver) was the standard back then and it should be today. The prices of those are creeping up, but watch out, any time now they will go through the stratosphere.
 
Beowulf said:
Gold (and silver) was the standard back then and it should be today. The prices of those are creeping up, but watch out, any time now they will go through the stratosphere.
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It's ridiculous to depend on the values of a piece of earth to sustain us. Not to mention how much damage a mining company can do to our planet.
 
I do agree that sometimes we can't expect governmental parties to just agree with each other and that sometimes we do have to take some pains in stride in order to make improvement.

Screw the fact that health care reform would mean more taxes because it would mean that everyone would be covered and there would be no more medical debt. If there were no more medical debt, there would be less pressure on banks. Less pressure on banks means better interest rates for us to earn on investment. According to a 2007 study, 62% (nearly two-thirds) of people who filed for bankruptcies filed because of medical debt.

Also screw capitalism because it enabled banks to ignore risks when providing mortgages and other loans to consumers who realistically could not afford them. Additional regulation might piss off a lot of people but it would have saved us a lot of trouble in the long run.

Obama knew that he alone cannot force changes, so he was putting pressure on the Congress and Senate parties to put aside their differences and personal interests. It's a very difficult thing to do, though.
 
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