Posted on 02/11/2009 3:00:09 AM PST by Halfmanhalfamazing
Those in power under former president George W. Bush contributed to the economic rape of the country by declining to regulate Wall Street, allowing the economic debacle now unfolding which has devastated the country, bringing middle-class Americans to their knees economically with their jobs and savings vanishing with each passing day.
In the last days of the Bush tenure, his economic team tried to stem the economic tidal wave overwhelming the country with a team led by Treasury Secretary Henry Paulson who failed miserably. Bush’s team told us that the major problem was liquidity and that a bailout of the banks was absolutely necessary; otherwise the country would collapse into a great depression similar to that which ushered in the FDR administration. When the Congress which had rejected the first Paulson plan reversed itself out of sheer terror and voted for the $750 billion bailout, we found that six weeks later, Paulson was telling us buying the “toxic assets” of banks was no longer the way to go and instead we should give these banks more dollars to shore up their capital, which he did using half of the $750 billion that had been approved by the Congress for the bailout to secure liquidity. The man who we thought knew what to do gave those billions away without conditions and the banks chose to date not to lend, and instead buy other banks, pay dividends to shareholders and bonuses to their top executives and others who led them to failure.
(Excerpt) Read more at worldtribune.com ...
ALL money to the poor who pay NO taxes because the Dems are smart enough to figure out that they will be in power FOREVER by doing that.....SHADES of HUGO CHAVEZ.....morphing into Mugabe someday.
I don’t know what’s supposed to be “stealthy” about it - it’s just the biggest power grab, abrogation of rights and confiscation of wealth in history.
No the Dems are not using “stealth”... they are jumping through the wide open window which Pres. George W. Bush opened for them that threw us into this Socialist nightmare.
When he turned his back on the Constitution, the rule of law and the Free Market he set us up for this fall, and the Dems are just doing what they do best, capitalizing on it.
OMG Did I say that? the BushBots will be out in force now!
In Ed’s little BDS rant, he gives his party absolution and completely ignores Fannie and Freddie.
Of course, health is in the stimulus. Obama said he would do this-no surprise. Millions of good paying jobs with benefits have been lost, thus health care will pass this year-just watch.
We lost these jobs over decades of bad trade policy...destroying American business and creating a consumption economy which can only survive with ‘bubbles’. Did people really believe they could buy every foreign piece of crap available and watch their neighbors lose their jobs in American manufacturing forever without taking a hit themselves? Manufacturing goods produces wealth-not moving money around in a service/consumption economy.
The so called consumption economy is a weak, volatile sort of economy which will not and has not served this country well. It’s a shame that Americans bought globalism hook line and sinker...excusing the loss of jobs-not important, these weren’t the right kind of jobs (sarcasm). Well jobs are important...if you have no health care insurance, not only will people accept government care, they will demand such care...thanks free traitors...hope the cheap goods were worth it.
Here's what he wants for the credit crunch:
That sounds a bit ominous, but it gets worse when you hear what he thought Bernanke should have done already:
The administration has the power now or through laws that Congress could pass to make the banks lend and provide the needed liquidity.
What?! There's so much wrong with this.
impose a requirement that the banks do their job to lend for which they were licensed — and only to those applicants who were creditworthy and at the same rate as the prior year,
What if "creditworthy" borrowers are maxed out and don't want to borrow any more money?
The Dems (and their propaganda ministry, formerly known as the media) want you to believe the "credit crisis" is about trust. They say that banks just aren't lending to people anymore.
And in support of that, the banks have had to reign in and tighten standards for who they will loan to. Being "creditworthy" today is a lot higher standard than it was two years ago.
What if that's not the real problem? What if the so called "credit freeze" is more a problem of excessive debt. What if most people and businesses have stopped borrowing because they have more debt than they can handle already.
Well, the Dems have the solution for this, too. If you're too cautious to borrow any more money yourself, they will borrow trillions on your behalf, and stick you with the bill. They'll use it to build their socialist utopia, and stick you, the taxpayer, with the debt and the bill.
I'm beginning to wonder if anything short of a taxpayer revolt is going to get this country turned around.
You got it half right. US Manufacturing in 2006 added more $ to US GDP than ever before. The labor content of US Mfg has been continually declining. US Mfg has been damaged by unfair competition but mostly by bad policies and regulations as well as idiot tax strategies.
You got it half right...manufacturing has been damaged mostly by very bad free trade policies and to a lesser extent excessive regulation- we could never have the level of deregulation that China enjoys unless you want the US to become a cesspool in terms of pollution and use child labor as well as slave labor. American companies can not compete against bowl of rice type wages,slave labor, child labor, no environmental regulations and of course the trade barriers erected by all of our trading partners except Canada. the bottom line is that the loss of manufacturing is very bad for this country...how long can we keep borrowing from China because of the trade imbalance? This has national security implications as well as societal implications (socialism).
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