Congratulations to the United States government for getting downgraded from AAA credit status to AA+. While AA+ seems pretty impressive, it puts the United States below its Western European allies, such as the United Kingdom, France and Germany, in terms of debt repayment, etc.
Tomorrow, when the world markets open up, I'm sure we will see a crash. I want to thank members of the Tea Party, and the Republican Party, in general, for its contribution to the downgrade. The eleventh-hour deal did little to salvage the nation's economy.
The country's economy is still stagnant (just look at unemployment figures and small business growth over the last six months). Like I've said numerous times, it is time to end the wars and return that money to the Treasury where it belongs. We will spend the next decade recovering from the George W. Bush years in the White House; it's better to get started now rather than wait. After all, China has threatened to cut-up America's credit card over the downgrade!
Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
Sunday, August 07, 2011
Friday, July 29, 2011
Did Boehner Cry?
It's time for the President to invoke the Republican staple, the George W. Bush clause, as a measure to deal with the debt ceiling crisis. He has to raise the debt limit without congressional approval. George W. Bush didn't need the approval of Congress for 95% of the things he did, so why should Obama? He can't let something as tedious as the United States Constitution get in his way.
No sir!
No sir!
Tuesday, July 12, 2011
Roman Empire
As politicians in Washington use the debt ceiling as political leverage, I am reminded of the end days of the Western Roman Empire.
Rome, at its height, was the greatest civilization to ever exist. It was truly the beacon, sitting on seven hills along the Tiber River, for the whole world to gape in awe. Many of its citizens lived unparalleled lives of posh and hedonism, while few of them had any care or knowledge of the pain and suffering of the other world that existed beyond their vast borders.
Years of the good life had taken a toll on the Roman Empire's ability to function as it once did. Years of war, political greed and corruption, out of control spending, and utter neglect, had brought what some called "The Great Whore" to her knees, and eventually to a mouthful of dust as she collapsed, losing life--finally to die at the hands of the very barbarians she had easily slaughtered by the thousands before her less than stellar demise.
The beacon on the hill was no more. It's people left to fend for themselves as the light fell dim--the Dark Ages.
I have heard, in the past, the United States compared to Rome. I never thought that the United States would actually come to the brink of decay it is now. Perhaps, I didn't want to believe it possible in my lifetime. Like those in Rome, I simply was unable to fathom the very destruction of my nation from within, through my very way of life.
That's a very bleak look at the state of things in this country. We have Republicans and Democrats bargaining away our future in dark rooms and corridors, far away from the light of observation of the people they so eagerly attest to serve. The United States may default on trillions of dollars of debt. The Treasury Department says we have until August 2, but I feel as if that was a rather optimistic view of things. An increase in rhetoric from the White House and Congress has led me to believe that zero hour is now upon us. The world's stock markets are taking notice of Damocles' sword hanging over the largest economic powerhouse in the world. Truly, what will happen to the world economy if the United States is unable to pay its debt? I do not think anyone really knows what will happen; it is without precedent.
America's economy is bloated. The unemployed are in the millions; however, money to the wars is free flowing and only serving to further bankrupt us, those who we once had no fear of are watching closely, as the modern-day whore swells. Their wagons are circling.
America the great, the light is dimming and your ungrateful children continue to need more.
Rome, at its height, was the greatest civilization to ever exist. It was truly the beacon, sitting on seven hills along the Tiber River, for the whole world to gape in awe. Many of its citizens lived unparalleled lives of posh and hedonism, while few of them had any care or knowledge of the pain and suffering of the other world that existed beyond their vast borders.
Years of the good life had taken a toll on the Roman Empire's ability to function as it once did. Years of war, political greed and corruption, out of control spending, and utter neglect, had brought what some called "The Great Whore" to her knees, and eventually to a mouthful of dust as she collapsed, losing life--finally to die at the hands of the very barbarians she had easily slaughtered by the thousands before her less than stellar demise.
The beacon on the hill was no more. It's people left to fend for themselves as the light fell dim--the Dark Ages.
I have heard, in the past, the United States compared to Rome. I never thought that the United States would actually come to the brink of decay it is now. Perhaps, I didn't want to believe it possible in my lifetime. Like those in Rome, I simply was unable to fathom the very destruction of my nation from within, through my very way of life.
That's a very bleak look at the state of things in this country. We have Republicans and Democrats bargaining away our future in dark rooms and corridors, far away from the light of observation of the people they so eagerly attest to serve. The United States may default on trillions of dollars of debt. The Treasury Department says we have until August 2, but I feel as if that was a rather optimistic view of things. An increase in rhetoric from the White House and Congress has led me to believe that zero hour is now upon us. The world's stock markets are taking notice of Damocles' sword hanging over the largest economic powerhouse in the world. Truly, what will happen to the world economy if the United States is unable to pay its debt? I do not think anyone really knows what will happen; it is without precedent.
America's economy is bloated. The unemployed are in the millions; however, money to the wars is free flowing and only serving to further bankrupt us, those who we once had no fear of are watching closely, as the modern-day whore swells. Their wagons are circling.
America the great, the light is dimming and your ungrateful children continue to need more.
Sunday, December 20, 2009
Whine, Whine, Whine
The United States Senate is dragging its feet deep into the ground as it entrenches itself for what will shape up to be a real let down for the American people.
I am a bit puzzled when the Democrats hold a majority and they cannot get anything accomplished. I remember that the Republicans did whatever they wanted when they had a majority. They certainly never built any bridges of consensus with the Democratic minority. Now, Democrats are having to water down the healthcare overhaul plan, which really will end up being a screwed up version of what we have always had, which is essentially the middle class and upper class being able to afford healthcare, while the lower class has to do without healthcare or depend on public assistance, such as Medicaid.
As we all know, Barack Obama was never fully behind universal healthcare. His words before the 2008 presidential election were merely face time with those who wanted equity in our health system. Hillary Clinton was adamant that every single American be insured, either privately or publicly. Another disturbing piece to this ugly puzzle is the fact President Obama is unwilling to fight for his own bill. He went to Congress once. If I were him, and it was truly important to me, I'd be on Capitol Hill every single day until the members of Congress did what was right for the American people.
Now let's move on to the wars in Iraq and Afghanistan. Barack Obama promised that these wars would be ended within 18 months of him becoming president. Instead, we see escalation of the conflict in Afghanistan by sending an additional 30,000 American troops into that lost country. What is the point, really? Will these additional troops benefit the people of Afghanistan? I do not believe they will. It is merely a way to appease those people who say Obama is too weak to be Commander-in-Chief. It takes more courage to do what is right, such as withdrawing our troops, rather than giving into to the policies of George W. Bush's two terms as president.
In the end, isn't that who Barack Obama is? He is merely a newer, more eloquent, dolled up version of George W. Bush. I hate to say it, but it is true. He didn't really accomplish anything that he set out to do. Healthcare reform is a joke, the wars in Iraq and Afghanistan press on, and the economy is still reeling. It may have only been 11 months, but I really believe that more could have been accomplished. He should have hit the floor running on January 20, 2009 at 12:01pm, but instead he dilly-dallied around and let the special interests dig in a bit deeper, so they can do what they do best: run the country from the inside.
I may sound bitter. That's because I am. In our greatest time of need, we needed a doer rather than a dreamer. We needed someone who can get the job done, without having to learn on the fly.
Wednesday, December 17, 2008
Chrysler Shuts Down
Chrysler released news that it will cease production at its 30 plants on Friday. The Detroit giant stated that the halt to production will last at least a month.
Sunday, November 16, 2008
Rome did fall. Will we?
Like ancient Rome, the United States is becoming bloated by heavy, bad debt. Also, there may be "barbarians" tearing down our borders and attempting to sabotage our infrastructure for their own gain. The morale of the story is Rome wasn't built in a day, but it didn't take long for it to implode under its own weight.
In America, the government is being asked to take on a heavy financial responsibility, which is to bail everyone out! The banks were first with their $700 billion bailout plan, because they took a gamble with subprime mortgages and that backfired; homeowners want some money, too, to fend off the banks; major cities think they deserve $50 billion to cover expenses associated with the economic downturn; now General Motors (GM) wants to put its hands into the honey pot so it can keep making gas-guzzling Suburbans and Tahoes. Then, of course, the cycle starts all over again with consumers going into heavy debt for things they really don't need anyhow.
Let's face it, the United States tax payer (i.e., me) cannot take care of everyone's financial mistakes. In that case, I will need some money to bail myself out of the situation created by the government's numerous bailout plans, but I will completely expect the government to cover it. (That's a paradox.)
If I go to the bank and borrow $1,000 I will be expected to pay that principle back to the bank with compounded interest. In other words, they'll put me on a monthly payment plan over a 12 month period (it's just $1,000 after all). Does the U.S. Treasury put the banks on a payment plan when they receive their bailout money? Money is not free! Think about it.
In America, the government is being asked to take on a heavy financial responsibility, which is to bail everyone out! The banks were first with their $700 billion bailout plan, because they took a gamble with subprime mortgages and that backfired; homeowners want some money, too, to fend off the banks; major cities think they deserve $50 billion to cover expenses associated with the economic downturn; now General Motors (GM) wants to put its hands into the honey pot so it can keep making gas-guzzling Suburbans and Tahoes. Then, of course, the cycle starts all over again with consumers going into heavy debt for things they really don't need anyhow.
Let's face it, the United States tax payer (i.e., me) cannot take care of everyone's financial mistakes. In that case, I will need some money to bail myself out of the situation created by the government's numerous bailout plans, but I will completely expect the government to cover it. (That's a paradox.)
If I go to the bank and borrow $1,000 I will be expected to pay that principle back to the bank with compounded interest. In other words, they'll put me on a monthly payment plan over a 12 month period (it's just $1,000 after all). Does the U.S. Treasury put the banks on a payment plan when they receive their bailout money? Money is not free! Think about it.
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