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I'm not sure what most of these posts have to do with the state of Colorado. Since it appears there is no gate keeper for the content of the board, I will join the conversation. The "Peoples Republic of Colorado" board has become nothing more than a political blog. At one time I strongly considered moving to Colorado. I would like to thank you for showing me that this state has nothing to offer other than beautiful scenery. The economy and culture of this state has started and will continue to crumble. 49% of the people won't pull the other 51% on the wagon.
The point here is that national financial events are going to have a very direct--and likely very disproportional negative impact in Colorado. Unlike some other areas of the country, Colorado is heavily reliant on outside "wealth" and discretionary income to sustain its funny-money tourist- and retirement-dominated economy. I think it should be abundantly clear from the carnage on the financial market scene of the last few days, and of the continuing unraveling of the housing and real estate bubbles, that the days of plentiful disposable discretionary income, easy credit, and inflated pension and investment income, for at least the vast majority of Americans, just ended--probably for a very protracted period.
Even the most "optimistic" pundits are now begrudgingly admitting that we are sinking into uncharted and dangerous economic territory. I don't think any of us will escape this without serious financial damage--and that, in my mind, pretty much is a defining characteristic of an economic depression. The only real question left is whether this will evolve into a deflationary depression similar to the Great Depression in the US in the 1930's, or into an inflationary one similar to the one that occurred in Germany during the same time--that being the economic event that helped to bring Hitler to power there. If I had to choose one or the other, I would choose the former--but I think the political pressure will be immense to pursue policy that will precipitate the latter. I especially fear the inflationary depression because I believe it could lead to the same kind of social upheaval in the US that destroyed democracy in Germany in the early 1930's and turned that country into a nationalist/socialist police state under Hitler.
PS--I also happen to think that a lot of old-line Coloradans--many of whom have lived through tough economic times before in Colorado, and who understand what it takes to actually make a productive living here--may fare much better in what lies ahead than the many latter-day trustifarians, "life-of-leisure" retirees reliant on outside incomes, fat-cat part-time residents, ski bums, construction workers, real estate salespeople, etc. who are going to find that their livelihoods and incomes suddenly became "irrelevant" in the shredded remains of the US and Colorado economy.
Last edited by jazzlover; 09-17-2008 at 08:11 PM..
I wouldn't put too much emphasis on the liberal slant to a lot of these posts. The libs love to make noise and be noticed while the rest of us go about our business of raising families and making a living. Colorado is changing politically and unfortunately not for the better, but it's still much more sensible than many other places.
I don't put much emphasis on the lib slant. I understand most of them don't have jobs and this is what they do to occupy their time. I just enjoy joining in on the chat occasionally. You are right about Colorado taking a turn for the worse. I just hate to see such a beautiful place go down the drain.
PLease get back on topic.
If you want to talk about politics and bad mouth "liberals" - I suggest you head on over to the Politics and other controversies forum.
Thanks!
__________________
The price of anything is the amount of life you exchange for it. ~Henry David Thoreau
The banking sector literally hit the wall this week, and we're not out of the woods just yet.
What's clear is that the markets are changing dramatically now due to overt governmental market manipulation. Amazing as it seems, the Bush Administration is clearly taking a path towards socialism here. And the hasty action that's being contemplated will almost certainly have far reaching and unintended consequences (i.e. provision of FDIC-like government backing for money market funds incentivizing millions of people to take their savings out of banks and put them in those protected higher-yielding money market funds, scrooching the very banks this action was supposed to help). Lots of things about this bailout bother me, among them the idea that we in Colorado will be paying a large part of the California real estate collapse via our federal taxes.
If the taxpayer is now expected to foot the bill for Wall Street's excesses, I think the only meaningful response I can make is to help vote in politicians that are most likely to shift the massively increased tax burden towards the very wealthy people responsible for those excesses and who are receiving the bulk of the benefit of this bailout. In that case, it's the democrats who I see as most likely to focus new tax increases on that group of guilty b**tards. It's time to bring back the 90% marginal tax rate for the wealthy.
I find it hard to believe, but Henry Paulson and George Bush just gave my vote to Obama and the democrats running for federal office in Colorado in Nov...the first time I, a life-long republican, will vote for democrats.
Bob - I knew there was something I liked about you!! How these greedy thugs get away with al the cash and then like little lambs, we all pick up the tab in many different ways. My future move to my retirement home in CO could be in jeapardy. 26 years of doing the right things with the job, 401K, etc... really didn't matter.
Unlike some other areas of the country, Colorado is heavily reliant on outside "wealth" and discretionary income to sustain its funny-money tourist- and retirement-dominated economy.
Actually as a percentage of State income, tourism is a small slice, something around 10 billion in each of the past couple of years -- which is up since the state restarted advertising for tourism after stopping in 1992.
Professional occupational growth is occuring, in particular in the high tech and government services fields. Agriculture remains strong as does anything related to natural resources.
Regarding this week; if you were surprised you are part of the problem. Outrage after the fact is as useless as pissing into the wind.
It's time to bring back the 90% marginal tax rate for the wealthy.
I find it hard to believe, but Henry Paulson and George Bush just gave my vote to Obama and the democrats running for federal office in Colorado in Nov...the first time I, a life-long republican, will vote for democrats.
Voting democrat, that will NOT stop the problem. This issue goes beyond party lines. The democrats will not make the problem go away.
As far as a "90% tax" goes. That is stupid. Let me guess, you want to "redistribute wealth"?
Agreed, give me less incentive to make money and I will work just hard enough to suck as many (often substandard) benefits from the state as I can, Norway comes to mind.
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