re: #251 Obdicut

Well, no, it wasn’t. Some of the money went to an over elaborate construction project; those wages aren’t a black hole. The bulk of the problem was how it was financed, with tons of money being funneled to the banks giving them the CDO-style loans. So again, the money didn’t disappear into a black hole, it went to those banks. That’s not a very good place for money to go, and it’s not very helpful for the economy in the current way the banks operate, but it’s still not money simply vanishing.

Well, yes it was. There is still a ton of money due that never went to the banks and likely never will. Contracts left unfulfillable: That’s the reason the county went bankrupt and now will have to see how to get its taxpayers out of that mess. An explosion of debt without any benefit whatsoever to “the economy”.

If shit like that goes down on the State or Federal level, it will get unreal. The day that the Fed will not be able to pay its bills anymore is going to be interesting.