Musk re: debt: “Most importantly, we have to reduce spending to live within our means,” he said, adding that these efforts will “involve some temporary hardship, but it will ensure long-term prosperity.”
This is dumb. It’s a child’s view of economics.
This happened to Greece (involuntarily) 2007-2008. “Temporary”? Almost ONE OUT OF TEN Greeks is CURRENTLY unemployed after sixteen years.
Billionaires don’t suffer. That isn’t temporary. Musk is just fucking dumb.
1/
https://www.msnbc.com/the-reidout/reidout-blog/elon-musk-trump-hardship-austerity-taxes-rcna177732
So Musk is we INTENTIONALLY crash our economy to “ensure a better future”—which sounds fine if you have foreign investments and don’t need American dollars which will be worthless as the value of the dollar plummets.
And what about food? It will skyrocket. Wages? Also plummet. Jobs? They will vanish. Think 1929 without the fun.
Musk forgets he DEPENDS on government largesse. Hard to do that when few people make enough money to buy things.
JFC did he fall asleep during his Econ classes?
2/
This isn’t difficult to understand, yet Musk manages to fail anyway: in the same way Twitter is now worth less (WAY less) than Truth Social—seriously.
Musk is a younger Trump. But Musk actually IS on drugs. And is just as dumb.
First, the debt was created by Republicans, who have no problem using other countries as a credit card to cut taxes. Democrats actually LIKE paying the bills. Republicans prefer letting their children do it.
Tax and spend is ALWAYS BETTER than borrow and spend.
3/
Second,
The idea that crashing the economy is a “solution” is just dumb. Greece is still fragile as fuck. Musk wouldn’t feel the pain, he just wants cheap employees.
There is no “temporary pain”—it’s an idiots view.
Third, there is no way to predict how long it would take to recover. The Great Depression lasted ten years and was devastating. The Great Recession was two and destroyed one of the largest banks in the US.
A fucking bank
Reagan/Bush oversaw the Savings and Loan debacle that… 4/
Looking at just one S & L: "Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.3 billion. Neil Bush, the son of then Vice President of the United States George H. W. Bush, was on the Board of Directors of Silverado at the time. Neil Bush was accused of granting loans that benefited himself, but he denied all wrongdoing." (source Wikipedia)
Thanks for looking, Peep!
There was a deal where you could buy up bankrupt S&L’s—and Neil was doing that very thing. I don’t believe he was ever charged (nor was HW ever accused of anything improper).
Today, Biden makes a gaffe and people blame Harris for it.
Only the MAGAt snowflakes do that 'cuz they can dish it out, but can't take it! Maybe it was "only a joke" as they always say. However, a supporter, IMO, is different than a follower. The supporters are those billionaires that start PACs to "support" TFG. The rally attendees are the followers, cult members.
Found this:
https://archive.ph/pxW3U#selection-2241.0-2241.165
Los Angeles Times
May 30, 1991
Neil Bush and U.S. Settle Suit Over Failure of S&L; : Thrifts: $49.5-million accord involving 10 others from firm is one of largest negotiated by banking regulators.
"President Bush’s son Neil & 10 other former directors & officers of failed Colorado savings & loan have reached a $49.5M settlement with fed. banking regulators over lawsuit from thrift’s 1988 failure, a fed. judge in Denver announced."
@feloneouscat He also seems to be forgetting that severe economic turmoil creates fertile conditions for unrest.
And, having made those statements, if such economic turmoil does come to pass... it won't take much poking/prodding to get a large subset of the American people screaming to see his head on a pike.
If that happens... well, chances are his head *will* end up on a pike. Police & military hierarchies tend to break down when everyone's functionally unpaid due to hyperinflation.
@feloneouscat Functionally unpaid, in this case, meaning that the wages being disbursed are practically worthless (or at very least woefully inadequate) because they haven't kept up with hyperinflation.
@feloneouscat Principle #<insert number> of Rulership:
Once your army realizes you can't pay them, you stop having an army.
He wants to either a) bullshit his bros
or b) he really is that ignorant.
I tend to go with b.
In 1992/1993, I was in my final undergrad university year, at age 36; i took a Masters-level course in:
"Monetary Systems and Central Banking" ~ Professor Smith taught it, and was Chair of the CU Denver Econ Dept.
I wrote about "Continental Illinois and 'TBTF'" ~ the "Too Big To Fail" concept. Those were weird times in Real Estate financing.
Nixon & Eisenhower were the only 2-term Republican presidents who did not endure a huge housing crisis.
That DESTROYED 32% of the US savings and loans—HALF A TRILLION dollars taken from the American people.
Musk thinks the cost will present a “hardship”—no, it will mean deaths. That’s what happens when people can’t afford to eat, can’t afford medicine, can’t afford basic meals.
He won’t suffer. The rich never do.