China owns your debt anyway, you are fucked for the next century.
By the way NOBODY is allowed to complain about their economic/political situation to an irishman
Exhibit A:
Well that's the problem. We shouldn't be bailing these banks out, neither the auto industry, so that we don't have to keep borrowing more and more from China.
Instead of letting a few banks fail, we wanted to risk the entire country of defaulting. Thanks a lot, government.
The Chinese are concerned, that's for damn sure. I guess buying up our bonds wasn't a great idea. I am sure we will bounce back in the next couple years. One thing for sure is we should have never bailed out the US auto industry, IMO it is their fault to begin with. That is what you get for making and continuing to make huge cars that people can't afford. IMO they (auto industry) did not predict the market very well nor did they move with the times appropriately.
The US automakers are at fault for this disaster? No way, man.
This recession/depression was caused by the housing bubble collapse and spurred on by fancy derivatives traded by investment banks and insurers that were collateralized by nothing. Those bankers then passed those instruments down to common folk all across the world, with people not protecting themselves from exposure to the risk involved. These people were also lied to by bond raters such as Standard and Poor's who gave all these products developed by bankers AAA ratings. Once housing prices became too high, nobody was able to buy, so all those who speculated that housing prices would always rise started feeling the pain. That's when everything started to collapse in a positive feedback sort of fashion.
The automakers are at fault for not being able to produce a good product, as well as sending jobs overseas by means of government policy. The bankers, rating agencies, and insurance companies are the institutions to blame for this disaster, along with the government of course and ESPECIALLY the Federal Reserve for not allowing the free market to set interest rates.
And I am not so sure we will recover in two years. This is quite frankly a disaster we've never seen before. The market is trying to send housing prices lower, trying to send other assets lower and banks out the door, but the government is trying to do the opposite by flooding the economy with money. This has never worked before.