America Doomed

Another Giveaway by Congress

Congress appears to be falling over themselves to give even more money and power away in this bailout bill.  The  Senate has juiced it up with  tax cuts and giveaways so that it might please the House republicans.   This bill is a perfect example of what is wrong with America and its politics of giveaways.  I just can’t understand how the minority party in the Congress gets what they want time and time again.  Do the democrats have no spine?  No Ideology that they are trying to defend?  Are the democrats bought and paid off by the same people who own the republicans?  More and more money to the rich will just hasten the demise of America.

In the end this bailout bill will pass and it will  require the US to print lots of money that it doesn’t have; the national debt will continue to increase.  The bill might accomplish a few things very short term but won’t address the principle problem with the financial system.  The greed, corruption, and easy money polices will continue.  In the end, it will make things even worse.  For example, when the bill failed the dollar rallied against other currencies.  When the bill passes, the dollar will decline because the bill is highly inflationary.  Oh well — just another nail in the coffin of America.

I laugh when I hear that the terrorists are trying to destroy America.  The truth is America is destroying America at a much faster rate than terrorists could ever do.

America is doomed.

Bullshit Bailout Failed

Hurrah!  The Bullshit Federal Bailout of Wall Street failed by a narrow vote.  I am disappointed that the Democrats voted in the majority for this piece of crap legislation.  DOW down 500 points and was down as much as 700 points earlier.  I hope the DOW drops 3000 points before the close.

This bill is robbery by Wall Street.

I don’t want a bailout … NO, NO, NO

Let Wall Street figure out their own problems and lose their own money.  Let the stock market crash — it is gong to crash anyways as jobs are lost and their is less consumer spending.  Use the government money to create a NEW NEW DEAL under President Obama.   Put a tax on assets of corporations and the rich.  Time for a democratic society that protects people with increased public support systems, not just socialism for the Rich.

Credit Crash

One big lesson from the last week and the pending bailout bill on Congress, is that America runs on credit.  As politicians on both sides continue to say, “Credit Markets have frozen up.”  I think a bigger take away from the recent events is not that housing prices have dropped or their is a subprime problem.  Instead, it is that the country goes no where without credit.  Think about that.

The entire economy runs on borrowed money!

Whatever happened to saving money to buy things.  I know — it seems like a joke.   America has no savings at all.  Nearly everybody uses credit to buy not just cars and houses but everything.  As an American the most important score is your credit score.  As your credit score declines you have a more difficult time, perhaps impossible, functioning in society.

As people lose jobs, they cannot pay their bills.  Their credit scores plummet.  That are functionally homeless and many will become literally homeless.  There are six million foreclosures in the pipeline and don’t believe that all of these foreclosures are because of predatory lending.  Some people just lost their jobs.

Just as individuals use credit to pay even their most mundane bills, so does the Federal Government which is now looking at a $11.3 TRILLION national debt.   This amounts to over $130,000 for each family in America.  Many of these families that are reference don’t own houses, have no college education, and are marginally employable.

Maybe this bailout will unfreeze the credit markets — maybe not.  In any case, there are plenty of other shoes to fall.  Hedge funds are going to start failing.  People with any money are going to stop buying and borrowing.   Companies earnnigs will continue to fall.  The stock market is going to tank even though it might rally some in the days that follow the bailout.

Convinced yet?

America is doomed.

McCain Needs Another Hail Mary

Now that the first debate is over, Mr. Drama Queen, John McCain, needs to deliver another Hail Mary pass by saying goodbye to Bible Spice aka Sarah Palin.  It is now painfully clear to all Americans that Palin is way out of her league even with the Witch Doctor.  The VP debate is just six days away and McCain will have to act before then if he is going to act.  The pressure of having to endure Palin going in front of 100 million Americans must be enormous pressure for McCain.  He now must weigh whether having Palin in a debate will be easier to stomach that the uproar of replacing her with somebody more competent.  The only person that McCain could replace Palin with is Joe Liberman; nobody else would even accept the job.

Against the Bailout

I am totally against the bailout because if we bailout these corrupt and incomptent finanical companies we are going to have to hear how capitalism worked.  Capitalism doesn’t work and the instituions should all go under to demonstrate it.  Use the $1 TRILLION for things that will actually help people — a NEW NEW DEAL.  Let’s start rebuilding the infrastructure and investing in the future by restarting the manufacturing industry in the country.  So-call “free enterprise” have eliminated virtually all of the manufacturing in the US.  It has shipped millions and millions of jobs to third world countries.  It has bankrupted the country.  The US should default on the national debt, create a new dollar, and start the country over.  There should be safety nets and services like health care for all Americans.  America can emege as a democratic socialistc system where the people actually matter once again.

Less Educated Demographic

The Presidential election may turn on the less educated demographic which is particularly scary and ironic.  These less educated group are religious people who believe in magical thinking.  Palin is their hero because she thinks hunting is important, didn’t have a passport until last year, and barely got through college.  No wonder the Republicans are against education — they don’t want to lose their base.  People who have college degrees are overwhelmingly for Obama.

No Question America is Doomed

With the news of the last two weeks, there should be no question that America is Doomed.  As Bush went on TV last night explaining that his administration has brought the American economic system to the verge to “total collapse”.  Total Collapse?  Putting it another way Bush was saying that the experiment with lassez fare capitalism has failed.  You can’t trust capitalism to even protect the system that so many used for their own selfish and greedy purposes. Treasury Paulson the former CEO of Goldman Sachs who made millions on what he calls “toxic instruments” now wants to deploy the very same people who caused the problem in the solution.

By the way, the democrats in Congress are no better as they fall over themselves to approve the most outrageous, expensive, non-solution to the true financial crisis in America.

There are still a few gigantic elephants in the room.  Bush only spoke about collarized debt obligiations (CDO) which is just one aspect of the problem — the only aspect that is being handled in the Bailout plan.  There is another even more serious problem — Credit Default Swaps (CDS) which are derivatives that total $60 TRILLION that are totally unregulated.

Another elephant is the national debt that will ultimately be the financial crisis that is without solution.   As the national debt goes up and the dollar goes down, inflationary pressures will result in higher interest rates.  Higher interest rates will cause more of the tax revenutes to go to paying interest on the national debt.  Meanwhile, the national debt keep increasing.  At some point, the game is over.

The Republicans McCain is sick and Palin is not ready to be President.  This ticket is a joke to any thinking person.

America is doomed.

Global Warming Civil Disobedience

One of the final chapters in the America is doomed scenario is when civil disobedience is used because the government fails to act.  Today, Al Gore suggests such relative to Global Warming.   I predict that others will call out for civil disobedience as well.  Perhaps, the issue will be lack of health care or financial chaos.  I don’t really know.  I do know that if America does not change to have more concern about the people who live here, it is doomed.

McCain is Sick

Just read several articles about John McCain’s left eye.  It has started to act differently than in months past.  Also, McCain now has a new makeup person ($5000 a pop) apparently to cover up new issues on his skin.  I would not even mention such things if it wasn’t for the fact that McCain has NOT RELEASE HIS MEDICAL RECORDS.   A couple of months ago he released portions of his medical records (1200 pages worth) for 3 hours in a highly restrictive environment.  Otherwise, McCain refuses to release them.  This is just plain wrong.

Now, there is reason to wonder if  McCain may either be sick or getting sick.  Meanwhile, Palin still will not take questions from reporters or hold a news conference.  McCain doesn’t seem like the “Country First” kind of guy to me.