Whoa. This, Says Spengler, a former banker who ought to know, hasn’t happened since the Great Depression. Of course, then, no one had any money to invest.
This time they’ve got plenty (two trillion bucks) but they no longer trust the feds not to step in and raise taxes or over-regulate or otherwise screw it up. They’re Going Galt.
Good thinking. I wouldn’t trust Barry with a piggy bank. Like someone else has said, he couldn’t manage a lemonade stand.
Adds Spengler (David P. Goldman): “The great American profit machine has stalled. If Obama is re-elected, we are all going to be poorer.”
If our Liar President and idiot Biden get another four years to lie and steal and downsize the economy and the military while upsizing government regulations, we’re all going to deserve to be poorer.
UPDATE: But Barry, one of the millionaire “rich” won’t be poor, of course. The lavish dinners (almost $1 million for one “state dinner” for, uh, India) will continue while the rest of us make do. That’s the Democrats idea of “fair share”—“happy days are here again” for them, but not for you.
THE TEXAS SCRIBBLER 