When America’s second civil war ends
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.
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.
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Chicago, Illinois, United States