Bush Fiddles While Wall Street Burns
The alarm bells have been ringing for quite some time telling many people that the U.S. economy was going to hit a major crisis in the year 2008. Some of the more astute were calling it a few years ago when the mortgage companies were giving out sub prime mortgage loans. Last year it became clear that the brunt of economic woes would be on target in 2008.
Unsuspecting buyers were gleefully signing on to mortgages that had very low monthly payments, only to be blindsided by huge interest payments due after no more than five years. These types of loans were considered by many to be predatory in nature. Taking into consideration human nature, I would have to agree in that determination. People are always looking for a great deal and when an individual can take out a two hundred thousand dollar loan to buy a home for their family, and make very low monthly payments; they simply cannot pass it up.
It was clear to many in the government and in the private community as to what was happening and what was going to be the eventual outcome. However, they failed to do anything about it and now while the individual homeowners are being forced into the street, the Fed has bailed out the same predator mortgage companies that caused the crisis in the first place. While all of this is happening Wall Street is crashing in a manner not seen since the depression of the 1930s. Nevertheless, things will get worse before they improve and consumers and investors must get prepared to weather the effects that are sure to come.
It is now clear that this crisis is going to be Biblical in nature. The simple fact that billions of dollars have been injected into the economy by the Fed and it has had no lasting effect speaks volumes as to the severity of the situation. Now, if you take these issues into consideration with the cost of oil and the falling value of the dollar, we are talking about the “Perfect Storm” of economic crisis. While all of this is happening, President Bush makes his statement to the press which consists of “The economy is going through a tough time, but it is not a recession.” All the while, we have our old Fed Chairman Alan Greenspan openly telling Arab states to abandon the Dollar.
Alan Greenspan is a globalists and he apparently has no sense of loyalty to the United States. Obviously, when the country falls into the dung heap of history Greenspan has a nice chunk of land in Dubai to retire to. The current Fed Chairman Bernanke looks like a non-comedic version of the “Keystone Cops” trying to inject worthless paper into a failing economy. It seems printed paper does not go as far as it used to and people are starting to figure out exactly what is happening. Here it is in a nutshell, the bankers and politicians convinced Americans that paper was worth more than actual gold, silver, or pick any other tangible commodity and insert it here.
While the American people fell into the euphoria of an ever expanding economy, the bankers were grabbing important commodities and resources that America had.
All that the bankers were doing was printing up money which cost them nothing and loaning it to the American people for a great big fat usury windfall. It is very much like when the colonist came from Britain to America and bought Long Island for some beads. Guess what America? You just bought a handful of beads and you did not even realize it. Now I understand how the Native Americans were so easily deceived. So, now that we are here in this situation, is this the best that the President can do? To deny that we are in trouble and trying to convince the people that it is not that serious? Yikes, a lot of people are going to be in big trouble when this thing finally collapses and I will give you a million to one odds that it will not be the bankers.
Tags: Economy , Wall Street , Bush , Fed , Reserve
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