Mr. Boater

Does the U.S. Need China to Pull it Out of Recession?

Somebody is smoking something---Its rather hard to borrow your way to prosperity--havent we found that out yet?? The american consumer needs to pay off his debt, and then save money--then we have to rebuild some way to produce something to build wealth--financial engineering doesn't work--and the Chinese? They need to get out of dollars before they lose any more value and buy gold to help them float the Renminbi----that is what they are thinking and thats what they will probably do...

we on the other hand, are stuck with 280 trillion or so in dangerous derivatives that can take down what is left of our big banks....So we are in deep doo--doo. Nobody wants to talk about the $1.1 trillion in interest only and option mortgages held by thinly capitalized speculators who are upside down and cannot get any refinancing.----The resets start in May 2009 and run until late 2012. think what is going to happen to the derivatives 1.1 trillion in badloansareburied in when the mess we are in currently was caused by "only" 615 $billion going bad----gee--we are starting to talk about real money...

What i find scary is that the new administration is being packed with the very people who brought on the current destruction to our system and economy and who benefited from it.