Wednesday, September 17, 2008

The Real Economy, REALLY?

James Faulk wrote in the Times Standard Tuesday, Sept. 16, 2008 under: The real economy

The Web is alive with screaming headlines about this or that financial giant going out of business, closing its doors in the face of an economic maelstrom that started somewhere between America's housing and its bubble.

Accompanying the multitude of stories online, in print and on television are blurbs from the various political candidates of all shapes and sizes who loudly proclaim that there is indeed a problem, and that only they -- not that other guy -- know how to fix it.
There was a bubble, and it burst. The explosion left a mess, and it's covered all of us with a three-inch layer of dung.

Times like these, Alan Greenspan takes to the air waves and says, “This is the worst I've ever seen.”

The market is panicking, Fannie and Freddie are befuddled and failing, and all the other financial giants of the world are just trying to stay afloat by selling themselves to Bank of America, who remains impervious to the bad economic times because of their enormous size and overdraft fees.

This is the big picture, and to most Americans, it remains absolutely meaningless. That is, the fate of various financial institutions is meaningless versus the reality of making ends meet. Most Americans don't require massive amounts of capital to get out of bed in the morning, get their kids to school, or get themselves to work.

But they do need a job, or maybe even a raise, to buy enough milk for breakfast in the morning.
to them is the monthly budget, and whether there is enough money in the checking account to handle the car breaking down, or that tooth that needs to be pulled.

For the people I know, the real people with zits and beauty marks, this is the real economy. And this is what needs to be addressed by the leaders of our city, our state, and the nation. Gas costs more. Food costs more. Going to the park costs more, and we all make the same if not less.
This is famously the land of opportunity, but the only opportunity currently offered by our system is to accrue more debt, and become further enmeshed in payments, late fees and interest rates.

The time has come to change, but who's willing to make it? That's the decision before us this November. But then again, judging by the choices, how much change are we willing to make?

His question in closing is, "How much change are we willing to make?" Well lets see what some other people have to say about what's really happening. Take a look at what these people have to say and see if do not come to the same conclusions as Joe does.

US Seizes Control of AIG with $85 Billion Bailout

So, all of you "real people," you know who you are? You're the ones with the "zits and beauty marks. Is the real economy "gas," "food," and "going to the park"? When it comes to your paltry problems you "real people" aren't even in the equation.

Mr. Faulk is right when he says, "This is famously the land of opportunity, but the only opportunity currently offered by our system is to accrue more debt, and become further enmeshed in payments, late fees and interest rates." What he doesn't say that really matters is that is exactly what is happening to our govoernment. Interestingly, he doesn't say who is responsible either.

Do you really think the Elitist Rulers of this nation are that stupid that they give one damn about "real people"? Read this the next chapter in this monumental betrayal.

US Readies Largest Bailout to Date in Financial Crisis

The Bush administration says it’s preparing a new massive new intervention in the US financial system. Under the proposed move, the government would buy up distressed loans from troubled banks and other lenders. The plan is said to be similar to the federal buyout of leftover properties in the savings and loan scandal in the 1990s. The cost could end up dwarfing the multi-billion-dollar government bailouts of financial institutions Bear Stearns, Fannie Mae and Freddie Mac, and American International Group. Democrats also say they are pushing for greater relief for struggling homeowners facing foreclosure. On Thursday, congressional leaders gave bipartisan support to the effort after meeting with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. House Speaker Nancy Pelosi said Democrats have agreed to passing legislation by next week.

House Speaker Nancy Pelosi: “We just had what I believe was a very
productive meeting, where we heard from the administration and from the chairman of the Fed, an initiative to help resolve the financial crisis in our country.
We—our purpose is to do that and, in doing so, to insulate Main Street from Wall
Street and recognize our responsibility to the taxpayer, to the consumer and to
people all across our country.”
Earlier on Thursday, the Federal Reserve also announced it would inject some $180 billion in loans on the global financial market through foreign central banks.

So now the government speculates on worthless paper.

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