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When America’s second civil war ends
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by YankeeJim | July 29, 2011 at 12:28 pm
230 views | 4 Recommendations | 10 comments
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As bad as it is, we’re the best bet
Boy, I have been in the dumps over the American economic crisis and our government’s performance.
Following the 9/11 attack and all that has happened in between, I knew we were running up the tab. People warned repeatedly about preemption strategy and the cost of both Homeland Security and the War on Terror. To many, it made no sense to embark on Nation Building when we knew we had so much to address on the home front. Yet, no one intervened with force except candidate Barrack Obama.
He confronted the problem that had already reached crisis before he entered office. The government was on fire with economic calamity and cash problems. He sought to extinguish the flames and manage to restore some semblance of order.
Working against a recalcitrant Republican Party, we all thought we could achieve a degree of collaboration in addressing the nation’s urgent problems. Yet, that did not happen for many reasons, mostly ideological battling by a minority of right wing radicals in the Republican Party that are reminiscent of the Secessionists before the Civil War.
Here we are again and it feels very much like the period before civil strife. The difference is that the Tea Party people are more geographically distributed. None the less, they are as disruptive to normal functioning as the traitors from the South.
Once Americans restore order by rallying behind the President and members of Congress who demonstrate ability to work together, we will emerge as the best place on Earth for investment with a few exceptions, Germany and Canada perhaps.
“Top bankers urge Obama, Congress to reach deal
By PALLAVI GOGOI - AP Business Writer
NEW YORK -- The chief executives of the nation's largest financial institutions sent a letter to The White House and to members of the U.S. Congress, urging them come to an agreement this week to raise the nation's borrowing limit.
A deal must be made by Aug. 2 to avoid a default by the U.S. on its debt obligations.
Bank of America Corp.'s Brian Moynihan, JPMorgan Chase & Co.'s Jamie Dimon, and Goldman Sachs Group Inc.'s Lloyd Blankfein and others warned on Thursday that the consequences on not acting would be grave for the economy, the job market, and for America's global economic leadership.
"A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence," the letter said.
Read more: http://www.macon.com/...ngress.html#ixzz1TWpA04hI”
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YankeeJim
Arlington, Virginia, United States
Most RecentMost Recommended Comments (10)
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"thirty-aught-six" (not verified)at 16:31 on July 29th, 2011
Good God. What an absolute bastardization of history and current events in order to support a partisan view point that has no grounding in the truth. It's the equal of the absurdity of those Banks who received tax dollars to bail them out of their gross mismanagement now offering partisan support for what is nothing more than another bail out. This time, it's Obama who wants to be bailed out of his gross mismanagement. His quadrupling of the national debt over a two year period because his spending and big government agenda was his real priority. One that took precedence over the nations future financial and social security so he could buy an election his management could not facilitate on it's record.
at 06:22 on July 30th, 2011
The debt stream was on a roll from the Bush Administration and landed on Obama. Obama's attempts, bailing out the banks and the auto industry brought immediate stability. The amount added to the national debt was significant, though a small portion of the catastrophic debt created by 1) wars we could not afford, 2) tax rollbacks for the rich, and 3) the Clinton housing policy.
at 08:39 on July 30th, 2011
I agree YJ except for Clinton..It was actually W Bush manipulating of financial markets that caused the housing bubble and bust..Not Clintons original policies specifically.
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"thirty-aught-six" (not verified)at 09:09 on July 30th, 2011
This is an example of how thinking becomes entrenched when people allow themselves the comfort of picking up and chanting a mantra instead of actually looking for themselves.
1/ Bush came into the economic crisis and began the bail out process. He did not create the crisis as the liberal media is want to repeat ad nauseam. Response A/ Democrats across the nation screamed Bush's bail outs were the wrong thing to do. Bailouts were public money going to Republicans. Response B/ The final tally in the House was 263 to 171, with 91 Republicans joining 172 Democrats in favor of Bush's plan. But Bush is responsible. Response C/ Well Democrats said, saving union jobs is important. They're Americas middle class. Come 2009. It's a good thing Obama is doing for the nation continuing the bailouts.
2/Another liberal mantra repeated ad nauseam. Bush tax breaks fueled the crisis. The IRS data shows that the tax cuts brought in an increase in tax revenue from the top 50% of earners and reduced contributions for the bottom 50% of earners. This is seen when comparing returns from years 2006-2008 as I reported in your post, Republicans protect the wealthy.
3/ Iraq was a Bush war. No it was not a Bush war. It began long before Bush took office. It was going on under Clinton, and it was Democrats under Clinton who started the WMD chant. But as usual the liberal media and their Democrat sycophants readily forget what they did yesterday constantly rewriting history to suit their new PC now. Just like Clinton was lobbing missiles into Afghanistan long before GW took office and yet if we believe the liberal media it's all Bush's fault.
Sadly many Democrats willingly grab onto the partisan propaganda spewed by the liberal media rather than think for themselves. Sheep led by the nose bleating what they are told, when they are told.
at 09:22 on July 30th, 2011
lol..it's pretty well document the condition of America's economic condition when Clinton left office and W Bush took over..
What happened then was all Bush..
Sorry .30-06 _good try though ! lol
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"thirty-aught-six" (not verified)at 10:06 on July 30th, 2011
Ya, like Bush walking into a national crisis beginning with a 2 million job loss with in his first 100 days and things going down hill from there peaking at something like 7 million jobs lost in 2008. Even Bush supporting the Sarbanes/Oxley Act and getting it passed by Congress in 2002 [by a majority in both House and Senate] did not answer the coming tide of credit defaults and the subprime mortgage crisis. LOL. Keep the propaganda flag flying.
House votes in favor of Bush bailouts. Republican 91 votes/ Democrat. 172.
It's all Bush's fault. LOL.
Nov. 1999 Clinton signed the repeal of the Glass-Steagal Act which was the protection for investors that separated commercial banking from investment banking.
It's all Bush's fault. LOL.
In 1982, Congress passed the Alternative Mortgage Transactions Parity Act (AMTPA), which allowed non-federally chartered housing creditors to write adjustable-rate mortgages. Among the new mortgage loan types created and gaining in popularity in the early 1980s were adjustable-rate, option adjustable-rate, balloon-payment and interest-only mortgages. These new loan types are credited with replacing the long standing practice of banks making conventional fixed-rate, amortizing mortgages. Among the criticisms of banking industry deregulation that contributed to the savings and loan crisis was that Congress failed to enact regulations that would have prevented exploitations by these loan types. Subsequent widespread abuses of predatory lending occurred with the use of adjustable-rate mortgages. Approximately 80% of subprime mortgages are adjustable-rate mortgages.
It's all Bush's fault. LOL.
Sadly many Democrats willingly grab onto the partisan propaganda spewed by the liberal media rather than think for themselves. Sheep led by the nose bleating what they are told, when they are told.
at 11:08 on July 30th, 2011
Ya, like Bush walking into office.."and things going down hill from there peaking at something like 7 million jobs lost in 2008."
Accurately said..lol
..'Not to mention almost completely destroying the US and global economies'.
Bush was the worst President in US history..thxs !
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"thirty-aught-six" (not verified)at 12:01 on July 30th, 2011
Keep drinking the kool-aid. You make party assertions that don't defeat reality. Bush wasn't the fascist NAZI war criminal you guys espouse. If he was you wouldn't have elected Obama who has kept all of Bush's policies intact and has even expanded several of them, including the Patriot act. But I can see the need to project such sentiment in the face of your supreme leaders ineptitude and administrative decrepitude. Our first President who has done nothing, is responsible for nothing, and as a victim of Republicanism and Tea Party obstructionism, must be re-elected. Because having maintained Bush policy strategy on the domestic economic and foreign policy fronts, Obama has done so much good for Americans. Not like Bush. LOL.
Liberal political hypocrisy is only exceeded by the liberal propaganda that supports that hypocrisy. Liberal favorite kool-aid this year is Obamaberry. It taste just like Republican Bushblast, but don't go by that. Go by the pictures and labels. LOL. Hypocrites.
"when our Democratic president does not perform as expected (to put it mildly), what can be done? A protest vote, or non-vote, is an option (if I’m going to have a president who does not care about Democrats, I’d rather it wasn’t a Democrat). Drafting a candidate to run against Obama on the Democratic side is another option. Its not unheard of; Ted Kennedy ran against Carter in 1980 under similar circumstances. Some have already called for drafting Hillary Clinton and Dennis Kucinich. It could literally be any Democrat; at this point its impossible to do a worse job." All Things Democrat. July 12, 2011
at 12:49 on July 30th, 2011
Bush was the anti-christ imo. A true 'snake in the grass'..
As for "its impossible to do a worse job" _W Bush did much worst !
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"thirty-aught-six" (not verified)at 13:04 on July 30th, 2011
Yep. Such a lousy job Obama's progressive Democrats decided not to make any changes rather expand the policies they called fascist when Republicans had the White House. LOL. Hypocrites.