Rick Santelli's Chicago Tea Party

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The 2000’s: One bubble after another? Posted: 03 Jun 2009 09:55 AM PDT In the early 2000’s, the Dot-Com bubble burst and the U.S. entered into a recession.  The government significantly increased deficit spending, particularly after 9/11, the Federal Reserve began a long period of interest rate cuts, and the Dollar devalued.  Then, in 2008, the Real Estate bubble burst and the U.S entered into a severe recession.  The government significantly increased deficit spending, particularly in bailing out Wall St., and the Federal Reserve initiated a massive money printing program and lowered rates even further. Some analysts and trends forecasters are warning of a new, Bailout Bubble.  Unprecedented deficit spending, more borrowing, endless bailouts, and a huge increase in money printing could be laying the foundation for yet another burst of the US economy.  This one, they warn, may produce severe inflationary consequences, worse than those seen in the 1970s and early 1980s. The question is, when will this bubble burst?  Or, is it starting to burst already?  What do you think?

Fed chairman warns about huge budget deficits Posted: 03 Jun 2009 08:13 AM PDT Even Federal Reserve Chairman, Ben Bernanke, is sounding the alarm bells about record breaking budget deficits.  According to Bernanke, excessive government spending and borrowing will derail America’s future economic prosperity.  But, is anybody really listening?  Does anybody really take this threat seriously? George W. Bush and a largely Republican Congress ran up big deficits and piled on more debt.  President Obama and a Democratic Congress are already projected to run up even bigger budget deficits and pile on even more debt.  The Obama administration’s idea of getting our budget under control is lowering the deficit from $2 trillion to $1 trillion at some point in the future.  Talk about lofty expectations. Perhaps the time has come for We the People to start voting in candidates who will actually cut spending, end the bailouts, and balance the budget.  And perhaps the time has come for We the People to start voting out every single candidate, regardless of party, who has voted to increase spending, bail out Wall St, and pass unbalanced budgets.  The buck stops with us. Read here.

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