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Its common knowledge of course that the US no longer makes anything...not really anyway.We import all of that "stuff" now. Soon, we will have the Big 2 instead of the Big 3, and you can pretty much write-off anything that is manuf ...

Posted On October 31, 20082 MIN Read
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Its common knowledge of course that the US no longer makes anything...not really anyway.We import all of that "stuff" now. Soon, we will have the Big 2 instead of the Big 3, and you can pretty much write-off anything that is manufacturing related...

So, what's been driving our economy for the last 10 years? Well, approx. 38% of our domestic GDP comes from the financial industry, and while I don't know exactly what percentage is pure profit/earnings related, it’s safe to say that this represents at least 50% of all corporate profits. So, Wall Street, banks, hedge funds, insurance and credit card co's, etc., have been the life-blood of our economy for at least a decade.

I think you can see where I am going with this. Because derivatives turned out to in fact be "weapons of mass financial destruction (just as Mr. Buffet predicted in 2004), we've now lost our engine of growth. We've lost Lehman, Merrill, AIG, Bear, Fannie, Freddie, Countrywide, WAMU, and 90% of all mortgage co's...all ...

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