Mongoose asked:

“Will we get a Great Depression or is a Great Recession or a Great Stagflation more likely?”

My worthless and uninformed opinion is that it could be a Great Stagflation, i.e. hit bottom and stay there for a few decades (most of my remaining lifespan). This could be worse than the Great Depression (at least it recovered with WW-II).

Mongoose asked the following rhetorical questions:

“1) Is he [Obama] smart enough to know that FDR actually prolonged the Depression. Have the dems learned anything from Reagan et al.?”

I suspect that most of the Democratic elite think FDR’s socialist programs ended the Great Depression (WW-II actually ended it) and that Keynesian economics actually works.

“2) Do the Democrats want a depression in order to implement their socialist agenda (or even just a prolonged recession).”

The ethical Democrats (vast majority) don’t want a Depression (this is obvious). The crypto-Marxist elite within the Democrat Party are probably debating amongst themselves about the merits of using a depression to rid the world of capitalism. I’m assuming that Obama is part of the crypto-Marxist elite but he might(?) have a puppet master who is part of that elite and calling the shots.

Mongoose said:

“1) The current problems were willfully provoked by the Democrats (or some of Obama’s backers), but it got out of hand and took on a life of its own. This is not to say that there were not plainly structural issues there anyway. I really think that Soros pushed Lehman and AIG over the edge with naked shorts aimed at the CRA based derivatives, insurance, etc.”

The current recession/depression was caused by general economic misconduct, e.g. too many people living beyond their means, misuse of credit, subprime mortgages. etc. IMHO, the current recession should have started in mid-2006. However for national security reasons, the government of G.W. Bush tried to keep the economic House of Cards standing until after the end of the 2008 election. There might have been puppet masters behind Obama, who perceived this political attempt to manipulate the economy and scuttled it at a time to inflict maximum political damage (timing and the MSM’s behavior are suspect). The original economic misconduct and subsequent politics have made this recession far worse than it should have been.

The wizards have summoned a demon without knowing the spell of dismissal.

Mongoose said:

“I do not know if Paulson acted in good faith or was manipulated, but I do not think that matters. I am a more than a little miffed at Bush about this (I am not one of those that is always so down on GWB, BTW).”

I suspect Greenspan, Paulson and Soros thought they were acting for the “higher good”.

Mongoose then said:

“What galls me is that these so called “Masters of the Universe” have not had to take any lumps, and are still running things, both on Wall St. and on the Hill.”

Where is it written that “life is fair”?

Mongoose said:

“It is extremely scandalous, and the media should be ashamed of it.”

The MSM is part of the problem.

Mongoose said:

“If the electorate is stupid enough to let him [Obama] further ruin the economy, then I really do not know what to say.”

The electorate was stupid enough to vote Obama into office.

I think we’re reamed. The only real questions is if it’s a 1/2 inch diameter ream with helical flutes or 2 inch diameter ream with straight flutes. Either way, it’s going to hurt.