Congress if thinking of bailing out Detroit after bailing out Freddie Mac and Fannie Mae.
We are gradually nationalizing major sectors of the economy. What is happening to us? My sense is that we are desperately ignoring we have to regroup and consider the fact that we are not generating the wealth we used to produce. Yet, we do not want to give up what we are accustomed to use.
The country is downshifting in a painful way. We look at the government for the ultimate answer. The only thing they can do is to print more money and give us the illusion we still have the standard of living we used to have.
The bottom line is that we are losing gradually and steadily our freedoms with every new bailout. What is amazing is that no one is asking how we are going to pay for it. My answer? More inflation, as in the 1970s. It is a form of hidden tax everyone seems to accept.
George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977
https://www.peterdag.com/.
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