This is what my friends and I are regularly discussing these days:
Friend: "question: is the president letting this recession turn into a depression in order to totally socialize the country? (i'm only slightly kidding). rahm seems to think that the crisis is a good cover to do big things. if its a catastrophe they can do catastrophic things in reaciton to it. this is really, really scary."
Holmes: "I think they really believe their ideology will cure our ills, even if it destroys free markets. But hey, who likes being shallow and buying stuff you see on tv anyway?
It's not socialism- it's economic fascism, by the way. Socialism means no property rights. Fascism, in an economic sense, meant a corporate-state alliance. Government "partnering" with the corporate entities. We just don't have the warmongering (Bush-Mussollini-Hitler) to go along with it.
They don't know how to solve the banking mess- other than just throwing around more printed money. So, why focus on such unpleasant realities when you can turn to utopian dreams? Liberalism is nothing if not well equipped to do that.
Hillary now declaring the crisis is a good cover to do other things, like transform us to a "green" (translated: drop in 30% of GDP) economy. It's like these people all emerged from the same school (radical) of thought.
The real fear now, I think, is not a depression- we will start to move the economy forward in 10-12 months by most accounts. But we'll still have high unemployment, but now a hugely increased money supply. We can think of our money supply like a local game of Hold 'Em poker, tournament style. You have a pot of real dollars- the real output of the game. Then you assign a bunch of poker chips, which represent various nominal amounts (5, 10, 50, etc), but which really represent a portion of the total pot. We just tripled the number of chips without increasing the pot size. I look forward to bringing my wheelbarrow of cash to the Official Obama Store to buy whatever is left in stock (since Walmart is evil, if you didn't know- need a green/union-friendly alternative to help the economy [translated: reelection warchest])."
Fun thing to think about: What happens when a society goes through a bad recession/depression but doesn't really have the character to work through it?