Sunday, April 06, 2008

Don't Exoect Any Real Help From Bu$h

Don’t Expect Any Real Help From Bu$h

“April 5 (Bloomberg) -- The jump in March bankruptcy filings is another indication the U.S. economy is in recession, led by states where the housing boom turned to bust. The more than 90,000 bankruptcy filings in March were the highest since insolvency laws became more restrictive in October 2005, according to statistics compiled from court records by Jupiter eSources LLC. At a daily rate, filings in March were 30 percent above the pace in 2007.
Rising bankruptcies, together with mounting foreclosures and fewer jobs, are further signs the biggest housing slump in a generation is hurting consumers and businesses. Federal Reserve Chairman Ben S. Bernanke this week for the first time acknowledged the economy may be facing a recession and vowed to act to cushion the slowdown.”

If you take a tabletop look at what’s going on in AmeriKKKa even the most comatose and delusional among us have to admit something is amiss, things are not going well economically. The latest unemployment figures, personal bankruptcy data, rising home foreclosures and loan defaults, large bank failures and skyrocketing prices are signs the US economy is imploding. Bu$h’s imperialist follies in Afghanistan, Iraq and Somalia are not going well. George W Bu$h in another clear indication of his detachment from reality about six weeks ago claimed the US economy was “robust” and “growing” and his bogus War on Terrorism was a success. Most of us recognize Bu$h and Cheney live in a parallel universe where in their minds: up is down, evil is good, failure is progress, war is peace and oppression freedom; which is why most AmeriKKKans loath them and want them brought to swift justice. I say most, because the US Congress, the most compromised assembly money can buy, continuously abdicates its responsibility to reign in an administration made up of crooks, war criminals and sociopaths who have driven this country to the precipice of wreck and ruin. Congress’ cowardice is especially egregious when you consider the 2006 mid-term elections gave them a clear mandate to end the war and bring the troops home. It is clear the US Congress has an alternative agenda from the people.
AmeriKKKa is in deep trouble politically, morally and financially. Bu$h’s resurrection and implementation of the voodoo economics of the Ronald Reagan era have bankrupted the nation. His tax cuts for the rich and connected, the rampant corruption, plutocratic favoritism and cronyism which are the hallmarks of his administration have made it plain this administration if not the government itself, are components in a major criminal enterprise. 9-11 happened on Bu$h’s watch yet not one member of the Joint Chiefs of the military, nor the heads of the FAA, the CIA and FBI were reprimanded, fired or punished. In fact they were either promoted or given medals! Bu$h even resisted forming a commission to investigate what happened on 9-11 and how. He was subsequently forced due to relentless pressure from family members of the victims who died in the plane crashes into the World Trade Centers and Pentagon to give in and initiate an investigation into what happened that fateful day. Much like previous government investigations such as the assassinations of John F Kennedy, Martin Luther King Jr, and Robert Kennedy the “official government inquiry” into 9-11 turned out to be a complete white wash. The 9-11 Commission was a sham. Their job was essentially to cover up the Bu$h and Clinton administrations’ failures to respond to the numerous, clear and direct warnings from foreign governments about the pending attacks and how the government itself facilitated what happened. Log onto and read about the myriad early warnings given directly to the US government about pending attacks.
Think about Bu$h’s impotent response to warning about the onrushing Hurricane Katrina from FEMA, satellite imagery that was available to him from the military and National Oceanic and Atmospheric Administration, remember he ignored all that. This imagery and information, had Bu$h chosen to heed and use it, would have prompted a far different government response and outcome to the disaster if he were really a servant of the people. It is clear to me, Bu$h’s inaction during Katrina demonstrated at the very least criminal callousness and unconcern; and at worst, a malfeasance that should be prosecuted. It was the same unconcern Bu$h demonstrated, the same deer in the headlights look he showed when first informed about the plane crashing into the World Trade Center while he was at a Florida elementary school.
I point out these circumstances just as I pointed out Bu$h’s diminishing grasp of reality as demonstrated by his statements about the economy as a warning. If his pattern remains true to his responses to 9-11, the invasion of Iraq and Katrina, Bu$h’s response to the economic crisis will be just as beneficial and rewarding to his buddies on Wall Street as it was for his crew in the military industrial complex following 9-11 and Iraq and the crooks and fraudsters who’re making out like bandits following Hurricane Katrina. His recently enacted “stimulus package” is a total sham. The calls for reform by Henry Paulson the Secretary of the Treasury who is a former CEO of Goldman Sachs a major investment bank, whose personal fortune is estimated to be over $700 million dollars is really a scam, a con game to give the same bankers who created the problems in the first place even more power. It’s like deputizing wolves to guard the hen house!! Paulson is trying to get the onus off of Wall Street and get the taxpayers, us, to bail out banks like Goldman Sachs. His scheme calls for pushing more loans onto the Federal Housing Administration (FHA) and increasing capitalization to Freddie Mac and Fannie Mae entities that are backed by the US Treasury and taxpayers, which are currently in financial difficulty themselves so they can make more loans! This is a two-for, the banks get out from under onerous debt, plus the vampires now have an entity (FHA) that holds the liens on the loans. When it comes time to foreclose on the hapless borrowers, they can snatch the properties up for pennies on the dollar; something they can’t do now because the existing mortgages have been packaged and sold in bundles of debt all around the world. Please be advised, Paulson’s “plan” is not going to alleviate the stress, strain or trauma of folks currently facing default or foreclosure. This is a way to get the big banks off the hook, similar to the way they stiffed the taxpayers for the Savings and Loan fraud in the ‘80's. Just like the stimulus package a measly a few hundred dollars from a bankrupt US treasury, isn’t going to really revive a slumping economy. It’s all a PR show.
Don’t go for the okey-doke. This is not the Twilight Zone. Up is still up and down is still down.The US economy is in big trouble. Bu$h’s imperialism and his insane fiscal policies have ensured this country’s financial demise. Keep your eyes open for more bank failures, the Fed keeps forestalling it by propping them up with more “liquidity” which is banker speak for money printed out of thin air. Keep an eye on the real value of your stocks and investments, if you have any. The Fed’s policies are trashing the US dollar. Inflation will continue to skyrocket as the Fed prints more and more money out of thin air. Even if you get a raise which you probably won’t any time soon, (be thankful if you have a job) your salary is not going to keep pace with the rising costs of living. The skyrocketing costs of living is due to the devaluation oft the US dollar which is caused by a significant increase in the money in circulation. This is what inflation really is. Couple that with stagnant wages and we’re experiencing what is called stagflation. If credit, interest rates and monetary fluctuations (bubbles and bursts) cause a slowdown in production, hiring or output, then you have a recession. If the recession is protracted, lasting over a long time, you have a depression!
This is what is going on now. Don’t expect the Bu$h administration to do anything to genuinely help you since they exacerbated it with their policies. The only ones who will get relief or rewards are Bu$h’s cronies on Wall Street. Instead of going to jail for causing this mess, they will be living large on an island somewhere. The bankers and executives left standing will make out like the bandits they are. They always have and they will again.



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