While I loathe Republicans and everything they stand for, I have not fallen into the glassy-eyed trap that seems to be ensnaring many Democrats: The idea that the election represented some sort of fundamental political realignment.

Democrats prevailed, yes; but look at the extraordinary set of negative circumstances that it took for this to occur: An economy that has fallen off a cliff, two unwinnable wars, and all of the rest of the litany of horrors of 8 years of Bush. Even with all of this, 48% of the electorate still voted to continue the debacle -- even though it would've meant that Palin would be only a heartbeat away from the nuclear trigger!

I fear that the same thing that sunk the Republicans this time will sink the Democrats next time. Here's why:

Most in AP poll confident Obama will fix economy

Seven in 10 people in the survey are voicing confidence that the president-elect will be able to turn the stalling economy around when he takes office in January. Nearly all Democrats and even four in 10 Republicans say so.

http://news.yahoo.com/s/ap/20081111/ap_on_go_pr_wh/ap_poll_obama_4

This is, of course, delusional.

Obama can no more "fix" the bankrupt, consumer debt-driven economy than he can command the stars to fall from the sky. Thus, the expectations of the electorate will not be met. This means that, four years hence, when we are wallowing in a massive depression and millions are living in FEMA-style trailer cities, Republicans will point to Obama's "failure" to deliver the goods.

Result: The political pendulum swings back.

I certainly hope that we don't see any of the same tired, inbred Washington-Wall St. ghouls who have been hanging around government/financial circles for decades. But absent any actual appointments, I'll reserve judgement.

All of this speculation about what Obama may or may not do is pointless.

Let's hold his feet to the fire, for sure; but let's also wait until some actual decisions are made.

Forget appointing any of the inbred Washington-Wall Street morons. If Obama's "change" mantra is to mean anything, his picks are going to have to go outside of the usual gang of idiots.

For Treasury Secretary, my short list is Paul Krugman or Nouriel Roubini.

GM, et al, are headed for the wrecking yard of history. Any attempt to keep them alive under any sort of scenario where they are still pumping out automobiles is doomed to failure for one very simple reason: Whether gas-guzzling SUV or fuel-sipping hybrid, no one will be able to afford to buy them.

Our entire present debt-based economic system is failing before our eyes. They can pound on its chest and give it mouth-to-mouth, but it's as dead as the dinosaurs. We need to quickly acknowledge this and boldly move into a future where central banks like the Fed are abolished and the government prints debt-free currency. GM can be retooled for a bold vision of the future that includes high-speed rail linking American cities utilizing maglev technology.

There are a million ways we can stop wasting time trying to rescue a corrupt and unsustainable economic system and start anew with a clean slate approach.

It's time we realize that, as with the early settlers and pioneers of America, we're facing a wilderness that needs to be tamed. We need to put the American spirit to work and step into a positive, sustainable future. If we waste the next four years doing anything else, we are truly doomed.

Retirees Cope With Dwindling Portfolios

http://tinyurl.com/6jrfhv

Buying Binge Slams to Halt

The American consumer, long the spender of last resort for the global economy, may finally be spent. [THERE GOES 2/3 OF THE ECONOMY - Scorpio]

http://tinyurl.com/6caf26

Soros says deep recession inevitable, depression possible

http://tinyurl.com/6gmh9d

Looming Crisis: Unfunded Pensions Next in Line for a Bailout?

http://tinyurl.com/67d5yj

"You must know that Cassandra alone declared to me this fortune."

-Virgil

re: Of course, the REAL unemplyment rate is probably closer to 9%.

Try 16%.

http://www.shadowstats.com/charts_republish#emp

re: I just don't see how these posts help things when no solution is recommended

As with Titanic, the only "solution" is to get into a lifeboat -- fast.

Stock up on food, etc. "Alarmist"? Absolutely.

PAUL SOLMAN: We sat down with [Nassim Nicholas] Taleb and the man he calls his mentor, mathematician Benoit Mandelbrot, pioneer of fractal geometry and chaos theory. And even more than feeling vindicated, they're both scared.

NASSIM NICHOLAS TALEB: I don't know if we're entering the most difficult period since -- not since the Great Depression, since the American Revolution.

PAUL SOLMAN: The most serious situation we've been in since the American Revolution?

NASSIM NICHOLAS TALEB: Yes.

PAUL SOLMAN: Professor Mandelbrot, can that possibly be true?

BENOIT MANDELBROT, Mathematician: It's very serious.

PAUL SOLMAN: More serious than the Great Depression, possibly?

BENOIT MANDELBROT: Possibly. I hope not.

http://www.pbs.org/newshour/bb/business/july-dec08/psolman_10-21.html

re: only the blindly partisan could attempt to blame [Bush] for having caused [the incipient depression]

Or the well-read.

They Warned Us About the Mortgage Crisis

State whistleblowers tried to curtail greedy lending—and were thwarted by the Bush Administration and the financial industry

The Bush Administration and many banks clung to what is known as "preemption." It is a legal doctrine that can be invoked in court and at the rulemaking table to assert that, when federal and state authority over business conflict, the feds prevail—even if it means little or no regulation.

http://tinyurl.com/422gtg