We can all remember...
George Bush: The economy is structurally sound
http://www.youtube.com/watch?v=oSMpBUURRf0
John McCain: saying the same thing the day Lehman Brothers collapsed
http://www.dailymail.co.uk/news/worldnews/article-1056475/McCain-calls-U-S-economy-fundamentally-sound-day-Lehman-Brothers-declared-bankrupt.html
Ben Bernanke: (2005) House prices will slow and stabilize...I'm confident in the bank regulators... (2006) Consumer spending will continue to grow...auto makers are recovering...
(2007) We expect moderate growth going forward... our assessment...subprime mortgage issues aren't spreading...global economy should be strong...US economy strengthening in 2008.. you get the picture.
http://www.youtube.com/watch?v=HQ79Pt2GNJo&feature=related
What did Bernanke say this week? The sharp declines may be slowing...I am optimistic about our economy...
http://www.federalreserve.gov/newsevents/speech/bernanke20090414a.htm
Jim Kramer: The housing bottom is in..
http://www.huffingtonpost.com/2009/06/03/jim-cramer-buy-a-house-no_n_210768.html
We could go on and on about this. Bottom line is that there is a lot of spin that leaders want us to hear.
Think things are getting better? Want to know where people are getting money from to increase spending? Foreclosures are still rising. Don't pay your home payment and you have more money.
http://www.zerohedge.com/article/march-foreclosures-surge-absolute-record-369491-19-jump-february
Thursday, April 15, 2010
Friday, April 2, 2010
Who is to Blame??? Part I Federal Level
A common past-time is to assign blame to the financial crisis. There is plenty of blame to pass around.
The Government - Was seemingly asleep and the wheel and didn't see this coming. That's like not seeing a 747 taking off when at a major airport and standing on the runway. Unfortunately these are the same people that we are applauding in their efforts to solve the problem. The Government players involved are either inept or corrupt...or a combination of both...likely.
We can't just blame the current Government players either. We could go back for a lot of years, but we'll start with Nixon. Nixon took put us squarely on the path of not having real money to back up our currency. By increasing the money supply we can make things look like real economic growth. We settled for inflation as our homes suddenly had cash. Maybe we are making less in our jobs in buying power, but our salaries gradually increased and our home became "free" savings accounts. We were content while the very wealthy were taking the "real wealth". He who has money can more easily make more money.
Ford and Carter brought us inept leadership. Government became "demonized" and led to the Reagan Revolution which in turn brought a dismantling of regulations designed to keep the rich from exploiting the rest. Bush I led to more weak leadership which led us to vote for Clinton, who temporarily showed us we can have what ever we want without much real consequence beyond embarrassment. Oh yes, Clinton gave us the idea we could buy homes without really having the means to pay for them. The liberal side was excited about health care possibilities, abortion rights expansion, and liberal justices. They didn't wince much as our businesses were being sold overseas as certain sacred issues were being championed.
Bush brought us politics where the "elite" were the base. Regulations were further dismantled. Bush gave quiet concern about the inflating housing bubble, but didn't really put anything substantial together to combat the situation. Wall Street gained free licensed to do what they wanted. The Christian Right didn't wince as abortion rights were minorly restricted and the rank and file saw tax breaks...while the rich weren't paying much either. The gap between rich and poor deepened and widened.
Obama comes on the scene. Due to just down right evil practices on Wall Street, we had a chance to make real changes in Wall Street regulations. Obama teamed with Wall Street for policy leadership. Now the arsonists are helping craft fire safety laws. The liberals don't care as they now have their health care system change. Never mind that this will put billions of dollars from the backs of big business and the rich to the rank and file. He is championing the very people who did nothing to stop the crisis as those where are leading us out of it, while we had the biggest transfer of wealth from the rank and file to the elite in history.
Houston! We have a major Washington DC problem. Problem is the rocket has already exploded.
The Government - Was seemingly asleep and the wheel and didn't see this coming. That's like not seeing a 747 taking off when at a major airport and standing on the runway. Unfortunately these are the same people that we are applauding in their efforts to solve the problem. The Government players involved are either inept or corrupt...or a combination of both...likely.
We can't just blame the current Government players either. We could go back for a lot of years, but we'll start with Nixon. Nixon took put us squarely on the path of not having real money to back up our currency. By increasing the money supply we can make things look like real economic growth. We settled for inflation as our homes suddenly had cash. Maybe we are making less in our jobs in buying power, but our salaries gradually increased and our home became "free" savings accounts. We were content while the very wealthy were taking the "real wealth". He who has money can more easily make more money.
Ford and Carter brought us inept leadership. Government became "demonized" and led to the Reagan Revolution which in turn brought a dismantling of regulations designed to keep the rich from exploiting the rest. Bush I led to more weak leadership which led us to vote for Clinton, who temporarily showed us we can have what ever we want without much real consequence beyond embarrassment. Oh yes, Clinton gave us the idea we could buy homes without really having the means to pay for them. The liberal side was excited about health care possibilities, abortion rights expansion, and liberal justices. They didn't wince much as our businesses were being sold overseas as certain sacred issues were being championed.
Bush brought us politics where the "elite" were the base. Regulations were further dismantled. Bush gave quiet concern about the inflating housing bubble, but didn't really put anything substantial together to combat the situation. Wall Street gained free licensed to do what they wanted. The Christian Right didn't wince as abortion rights were minorly restricted and the rank and file saw tax breaks...while the rich weren't paying much either. The gap between rich and poor deepened and widened.
Obama comes on the scene. Due to just down right evil practices on Wall Street, we had a chance to make real changes in Wall Street regulations. Obama teamed with Wall Street for policy leadership. Now the arsonists are helping craft fire safety laws. The liberals don't care as they now have their health care system change. Never mind that this will put billions of dollars from the backs of big business and the rich to the rank and file. He is championing the very people who did nothing to stop the crisis as those where are leading us out of it, while we had the biggest transfer of wealth from the rank and file to the elite in history.
Houston! We have a major Washington DC problem. Problem is the rocket has already exploded.
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