As we take stock of our economy, the outlook is dire. Rather than the mortgage crisis being almost played-out, the long term effects are now being felt by some of America's most legendary and prestigious financial institutions. The consensus from the White House seems to be slanted and we're protecting the huge bloc of high-profile investors and CEO's rather than the people - and loss is being transferred to the public sector, interesting when you understand that when these entities were highly profitable, none of their profits found their way into the public domain. Now, we are to believe it is the taxpayer who should foot the bill of bad decisions and almost a total lack of Federal Oversight - which is the culprit for our current economic crisis, among several other of their (Bush administration) equally bad financial decisions throughout our economic landscape.
Alan Greenspan, pulling no punches, stated:
Greenspan: Economy in 'once-in-a-century' crisisIn an interview Sunday, the former Federal Reserve chairman said that more financial firms will fail and that housing won't stabilize until 2009.
September 14, 2008: 1:08 PM EDT
WASHINGTON (CNN) -- The U.S. credit squeeze has brought on a "once-in-a-century" financial crisis that is likely to claim more big firms before it eases, former Federal Reserve chief Alan Greenspan said Sunday.
Greenspan told ABC's "This Week" that the situation "is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go."
"Indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes," Greenspan said. He predicted that would not happen until early 2009, and said the odds of U.S. recession have gone up in recent months. Much More
Whereas Alan Greenspan "said the odds of U.S. recession have gone up in recent months." I disagree and believe that we're firmly in a recession right now which could turn into a Depression - of a severity and duration that could equal or surpass that of the Great Depression that began with the stock market crash on October 29, 1929. One of the differences I see between now and the Great Depression is that during the times the stock market crashed in 1929, so did some of Wall Street's executives, right through their windows to the pavement below! In today's crisis, those CEO's whom have fleeced America are gliding to comfort via their "Golden Parachutes" which in Bush's fascist state, those who have mislead and cost American consumers billions of dollars are rewarded for their behavior rather than being shunned and penalized for their performance that helped no one except themselves and the other super rich stockholders and executive management that helped to push through and implement transactions that were at times illegal and bordered on fraud and misrepresentation.
Consider this; if Russia and China were seeking to dismantle an/or destroy the United States, it's doubtful they would have succeeded. When Bush and Cheney stole the 2000 and 2004 Presidential elections, they assumed control of a robust economy with a surplus of billions of dollars. It has been greed, cronyism, and an unabashed failure of our current administration to halt and regulate the illegal and highly suspect practices that Wall Street has been engaged in these past seven-plus years that led to the financial collapse of the United States - almost all of which has been engineered by GOP operatives. Bush and Cheney have looked the other way as the wealthy and connected have raped and plundered our economy with nothing more than a "wink" and a callous disregard for the average American who is suffering the most because of our financial insolvency.
Today, President Bush stated that:
"he shared the American people's concerns about the economy and his administration was ready to act to prevent severe market disruptions.
Bush said recent actions by the government to take over the huge insurance company AIG on Tuesday as well as mortgage giants Fannie Mae and Freddie Mac were necessary to prevent a "severe disruption" in financial markets.
"These actions are necessary and important, and the markets are adjusting to them," Bush said.
Despite the government's takeover of AIG, the Dow Industrials fell 449 points Wednesday in its second worst session of the year. Much More
As we watch our country's economy disintegrating right before our eyes - we are witnessing what a "C Average" President who has failed in almost all of his personal financial endeavors and a criminal Vice-President have methodically engineered - the collapse of our economy to transfer our wealth to the top one to five percent of the wealthiest of individuals and corporations. Unfortunately, the financial bleeding is far from over as Michael Bloomberg forecast today:
Beware 'next wave' of financial woes, NYC mayor warns
# New York Mayor Michael Bloomberg says foreign investors may stop buying U.S. debt
# U.S. financial markets experiencing meltdown in confidence
# Bloomberg expected to meet with Treasury Secretary, SEC Chairman on Thursday
NEW YORK (AP) -- New York Mayor Michael Bloomberg warned Wednesday a "next wave" of financial pain may come from overseas if foreign entities stop buying U.S. debt.The billionaire mayor spoke before an audience at Georgetown University, telling them it's not clear who is going to continue buying U.S. debt as financial firms try to cope with a crisis of confidence on Wall Street.
Bloomberg said he was concerned that the credit crisis in the United States may scare off foreign investors that, until now, have been willing to buy debt that the U.S. uses to maintain a deficit.
"It's not clear who's going to be buying our debt," said Bloomberg. "It may very well be that the next wave is going to come back and bite us." MUCH MORE
Taxation Without Representation
President Bush, acting in his self-proclaimed role as a "Unitary Executive", has committed taxpayer dollars to bail-out these huge corporations at taxpayer expense with no Congressional approval - and in fact, didn't even bother to consult with his Republican cohorts in Congress, to which there is now wide criticism and anger at another decision by Bush to ignore Congress and his duty to to allow decisions such as this to be properly scrutinized by Congress:
AIG bailout upsets Republican lawmakers
From Ted Barrett, Deirdre Walsh and Brianna Keilar, CNN
WASHINGTON (CNN) -- Key Republicans on Capitol Hill blasted the Treasury Department and the Federal Reserve on Wednesday for orchestrating an $85 billion bailout of insurance giant American International Group, and the White House for not informing them of the plan."Once again the Fed has put the taxpayers on the hook for billions of dollars to bail out an institution that put greed ahead of responsibility and used their good name to take risky bets that did not pay off," said Sen. Jim Bunning, R-Kentucky, a member of the Senate Banking Committee.
A spokesman for Sen. Richard Shelby of Alabama, the top Republican on the committee, said the senator "profoundly disagrees with the decision to use taxpayer dollars to bail out a private company" and is upset the government has sent an inconsistent message to the markets by bailing out AIG after it just refused to save investment bank Lehman Brothers from bankruptcy. Much More
When you add all of the above to our tax money being used for "faith based charities", which is in direct conflict of the separation of church and state doctrine, plus the billions of dollars being expended on the Iraq War, which was started under false pretenses, the amount of taxpayer money that has been spent "without representation" is staggering - and unconstitutional! How does it feel to know that our taxes are being reaped by the wealthy and criminals in Washington rather than being expended on legitimate purposes? They say history always repeats itself - and when we look back at history and understand that "Taxation without Representation" was one of the major reasons we declared our independence from England and started the Revolutionary War - we are again struck with circumstances that again call on American citizens to demand fair and honest representation - or in the alternative, refuse to pay any taxes at all until this issue has been resolved, not to the satisfaction of politicians, but to the satisfaction of the people - the one group that is almost never represented by this Presidency or our Congress.
William Cormier
The US Is On The Verge Of Utter Financial Collapse And Martial Law
We Know The Economy Is Crashing, So What Can We Do?
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"The whisper becomes louder, then a voice is heard, and then crowds of voices, and eventually the whisper becomes the roar of change!" wjc
Greenspan has a lot of
Greenspan has a lot of nerve.
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