Wednesday, December 14, 2016

We've seen this movie before

Deregulation on energy producers and banks had grave consequences for the United States back in the mid-2000s. We're on the verge of reliving the recession that rocked the country and it seems many of us are eager to do it.


Look, I'm not the smartest guy in the room. I've never argued that point.

But, I can read. I have a general idea of how the U.S. economy works and I can read. I know I said I can read twice, but it's important to note.

We, the American people elected Donald Trump to become our next president. Sure, more people didn't vote for him than did, but that's irrelevant. My vote wasn't weighted the same as a person's who lives in rural Montana or Wyoming, but that's a story for another day.

What's troubling is Trump's promises to deregulate the banks and oil industries. You know, those regulations that were put in place to protect the American people, both from predatory banks and oil spills and polluted air.

Trump's promises have helped the stock market soar, especially in those two industries.

While some people rejoice in the possible economic impact, the rest of us are disturbed because we've seen this movie before and the ending isn't what the rest of you are expecting.

See, banks and energy companies ran wild under George Bush. The financial industry collapsed, which set us into a recession that took years to climb out of.

Now, unemployment is down to record lows. We went from losing jobs every month to creating jobs for a record 74 straight months.

Most of the money the tax payers shelled out to rescue the financial industry has been paid back.

But, we'll never recoup the hits to the economy delivered by that financial collapse.

And now, so many people are eager to go back to those Wild West days in banking, They're eager to pull back the regulations on the energy companies that are designed to protect our clean water and air. Who needs that, right? So long as I can pay $1.80 for gas I'll wear a mask when I'm out and about!

Vice Money broke it down:
"Exotic mortgages are receiving triple-A ratings. Former Goldman Sachs bankers are swarming the nexus of government and economics. Share prices for bank stocks are surging. Markets are pricing in a series of interest rate hikes. Stock valuations are nosebleed high. Drill, baby, drill. Is it late 2016 or early 2008?"
As I said, we've seen this movie before and it doesn't end well.

All I can suggest is to save your money (get it out of the banks) and invest in these:


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