Comments on: Ballmer likens economy to depressions of 1837, 1873, and 1929

Microsoft CEO tells Democrats that economic conditions represent a "once in a lifetime" crisis caused by too much debt and a "fundamental economic reset" is necessary.

[tundraboy]

Fundamental economic reset, eh? I probably agree with that but maybe Ballmer should take his own medicine and do a fundamental reset for Microsoft first. The first step of which should be his resignation so someone who actually can fix MS can step in.

[Endbringer]

The only fundamental reset we really need is to get rid of the unconstitutional Federal Reserve System. It violates the Constitution's Article I, Section 8, Clause 5 that states that Congress shall have the power to "To coin Money, regulate the Value thereof...". They have abrogated their duty to an unelected aristocracy (the FED) that even admits it prolonged the Great Depression with it's policies. Even Woodrow Wilson later in life said he regretted signing the law that created the FED.

[ruffyy]

Stop whining about the fact some folks don't pay taxes or quit boring jobs. Why not complain about the gotcha contractual obligations and fees that are included on top of the principle. It's the upper eschelons who are ripping those in the lower and middle classes. We need to reset the world financial system. Perhaps we need to make folks pay what they owe without the fees and maintenence fees tagged onto the principle. We need to agree that financial institutions take a haircut. Folks credit rationgs cleared out and spending will begin again. Those mortgages need to readjusted to 50/60 years with any tax cut benefits returned to the government to help pay fr your home. Keep folks in their homes and nationalize electricity and the internet.Screw the so called cost for the line infrastructure it just needs to get taken care of as a matter of national security. Stop whinig things are bad all over. Let's reset and do it now.

[bmorsh]

Basically, we are using a line of credit (that we still have to pay for) to pay up a visa card we used (and continue to use) to pay for commodity et cetera we cannot afford given our current level of output. So, we are borrowing based on future income. It would only work if we do increase output efficiency in the future and pay for it using "real" money (based on "real" GDP) we have already earned. But then again, there is nothing new here. We have been running a debt in everything we touch. We fund rapid growth through debt, not equity, because we are no longer manufacturing and producing. This is the bad news. This phenomenon isn't limited to "money." We are destroying everything - renewable or not. Our resources will run out or eventually it will become prohibitively expensive (uneconomical) to replenish them. We need to "reset" and "rethink" our purpose; that's what I think. But then again, that's an impossibility given the current trends et cetera; so we are doomed. Thanks to me and you ;-)