September 18, 2008

The 2008 Depression?

So, Freddie Mac, Fannie May, Lehman Brothers, Merrill Lynch, A.I.G., and now Morgan Stanley. The Feds have loaned $85 billion to A.I.G. Merrill Lynch was bought out by Bank of America. Morgan Stanley is also on the verge of bankruptcy, and is looking to possible buyers such as Wachovia or the Chinese government.

Our national debt is climbing by the minute, now reaching the greater portion of $9 trillion. The Washington Post notes that stock market buyers were willing to accept interest rates for Treasury bills of only 0.2 percent, the lowest since WWII. Through the money market mutual funds, Wall Street has become akin to Vegas -- filled with millions of greedy people, willing to gamble on the short term debt of the investment banks and the global financial-service firms. 

How are we going to survive this (possible) depression? I'm not a prophet predicting some far-off event... I'm just saying, all the signs are here. We've limped along for much too long without too many bumps in the road. 

The global village will never work. Hearts are conceived with the seven deadly sins built in -- pride, greed, and lust being first and most important. Americans can no longer idly sit by, content only so long as we have with our television and donuts. 

But, I cannot help but believe that this (possible) depression has been caused by the Iraq War. Our national debt from that alone is staggering. I have no idea how or where the Feds are coming up with the money to cover the asses of A.I.G. But, whatever way one looks at it, this ought to be part of the presidential debate. 

The Republicans are crucifying Obama for wanting to raise taxes. Not that I want to agree with Obama on anything... but, I have no other idea for paying the War; whereas, McCain wants to permanently enforce the 2001 and 2003 tax cuts implemented by G. W. Bush. Granted, I'm summarizing much, taking a lot for granted. However, I want to know why neither party is willing to talk about this? 

Furthermore, I'm enraged at the fact that it will be MY generation, and my children's and grand children's generations, that will carry this burden. We will be the ones paying for the sins of today.

3 comments:

ross said...

so i feel the need to just state the obvious in which case you knew this was coming when talking in reference to something of this nature, we need to lay out more of an idea than this person wants tax cuts and this person wants to raise taxes. this is mainly because though we (you and i) may understand that you are summarizing but unfortunately those listening in only hear those key words.

i would say that the depression we face is a self inflicted eye sore of an economy that the majority of people don't understand.

from a kid who enjoyed living in the moment and thinking of only me. this "state" that we live in is wearing me thin.

the idea of a political arena which operates with any sort of transparency is such a joke and it's sad.

its a deep concern of mine as to those who are in power have time to evaluate how to retain it and pass it on while those without power have to work just to stay afloat so any extra work done must be trying to go above and beyond just to make up lost ground.

and ill leave you with a quote


"choice is an illusion created between those with power and those without"

JessamynGrace said...

I agree, wholeheartedly. I was just listening in to a recording made by Dr. Ron Paul, and I can't help but feel ecstatic that someone is actually making sense about this whole thing.

This depression is definitely self-inflicted. Any economic system has within it, a check and balance system. For capitalism, the inflation we've been experiencing for the past, oh, 20 years, has been continued through government bailouts. When, really, we should have had a few SMALLER depressions, recessions, whatever you want to call them, throughout the last 20 years. It's a way of ratifying the bad financial decisions made by businesses and people.

The government now owns 80% of A.I.G. To me, and to others like me, this is a not-so-subtle drift toward socialism.

Bob Barr is calling for Henry Paulson to be fired, and I must say that I agree with him. There is absolutely no excuse for granting the $85 billion to A.I.G. without giving the hard-working American public the OPPORTUNITY to even have a say. It's there money Mr. Paulson is playing with... NOT the governments. And he had absolutely no right to do with it as he wished.
(http://www.bobbarr2008.com/press-releases/135/another-federal-bailout -i-told-you-so-says-bob-barr/)

I'm completely at a loss about what I will do come election time. I feel that without another significant contending party, there is absolutely no hope for any real change to occur.

JessamynGrace said...

P.S. Here is the link to the interview Ron Paul gave that I was listening to earlier.

http://am830.net/audio/KLAA-Oxman-20080923-RepRonPaul.mp3