A few economists,(Paul Krugman) say the result of the budget debate in Washington D.C over the National deficit, has been a general disaster then there was the slight downgrading of the nation credit rating down from AAA+ to AA. Other Economists like Nomi Prins say that the Ben Bernanke's (Federal Reserve Chairman) decision to lower interest rates is tantamount to doing nothing.. I say based on her analysis, its like he's saying they should all "hide in the basement", like in that movie, George Romero movie "Night of the Living Dead". Hiding in the basement was one of the ways the characters in that movie could protect themselves from the onslaught of the Living Dead.
Our hero, and the hero in that Movie, "Night of the Living Dead", and our President of the United States, Barack Obama, should be fighting for the upstairs. There was a radio and TV upstairs in the Movie, they could get good information has to what was going on; there was a way to escape if they had to (thus there was some transparency that the characters could see what was going on, a point some Economist make when talking about the current financial crisis in the U.S). Survival was all critically dependant on all the characters in the movie working together.
Really, I wanted to break up the monotony of my other post. In spite of the Problems facing Americans these days One could argue that more should be done for the downtrodden in America, and perhaps you could blame Barak Obama for not doing more.. I don't see how you can blame all this on Barack Obama,and it not quite my attempt to do so.
It seems that the Power elites and the Media in the America would do just that. These are the people (Whites) that wanted Barack Obama in there in the first place,its not like African-Americans decided on Barack Obama to be President.
I think there was a African-American who wrote a book, before , Barack Obama came into power. It was a social treatise on "White Guilt". This was during the Clinton Administration ,and I thought how does white guilty feelings have to do with the price of tea and such, don't be silly I'd think to myself!.
Then they voted a person of color as President of the United States. He given a Bankrupt, corrupt legislature ,an increasing damaged world. When Obama can't quite make the Grade, then the voters and the elites who voted him into power , "Poo-Poo" him, after all its make them, look better, and they can have someone else to blame rather than the (white) administrations before him, and attitudes about how there dealing with the world i.e dealing with their economy, their attitudes toward Nations of Color.
Perhaps Barack didn't foresee all the problems that we would be facing as President. Any person of Color would have loved to get in Office there at Washington D.C, but probably very,very few would want to face the type of situations Barack Obama is facing there as President of The United States.
He's facing a disastrous financial situation, triggered by the Sub-prime mortgage debacle. Where the Nations is now 14 trillion dollars in due, partly due to bad( lucrative) loans made by banks and Mortgage companies and little if no federal oversight.
He faced one of the biggest ecological disasters in U.S history caused by British /Pacific Oil company, in the Gulf of Mexico, "Deepwater Horizon".
Plus, strange climate changes in the U.S, natural disasters of all kinds here,.The Nuclear accident in Fukashima, Japan, a meltdown of three nuclear reactors?
Not to mention three wars , the Nation is involving in,Iraq, Afghanistan and the "War against Terror".
Yet, in the coming election year, they want to blame alot of the economic woes On Barack Obama. They want to claim he's spending too much money. Well heck, there isn't any money in the Government coffers. And very likely Obama didn't cause the Financial woes that that is besetting the nation.
But On the negative side of voting for a Barack Obama. He came into the Presidency of the U.S with the blessing of the people who caused the financial debacle in the first place, even having some them as advisers on his Presidential campaign,as did the Republican Candidate.
Thus, some economists were saying that Obama hasn't enacted in true banking or financial reforms in the U.S, but maybe voters ought to be glad he didn't; at least threes still a banking system in America that offers credit, they avoided a Depression. But maybe what we have now is more of a "Zombie Economy", and economy that cannot grow and thrive ,or die.
Alot of people didn't like the safeguards George W. Bush put in as President of the United States, like various measures in the "Patriot Act". Barack Obama as President of the U.S is slow to remove them. He said he would close Guantanamo Base, it is still open.
Though Obama is slow to end conflicts in regional disputes in Afghanistan and Iraq, he's started us on a new round of them in Libya, Egypt, Yemen.
In spite of the terrible ecological mess of the Deepwater Horizon spill in the Gulf of Mexico. Obama seems soft on these Oil companies and is still allowing "Deepwater" oil drilling off the coast of the U.S.
Obama or somebody opened up the rebate in Washington D.C, concerning the debt ceiling, all that squabbling resulted in was a lowering of the U.S Credit rating by one of the rating agencies out there,"Standard and Poor's". Mostly "Poor's" because these were the same companies,that gave AAA ratings to some bad loans, banks and mortgage companies made, packaged off and tried to sell on the market to investors, with AAA rating by Firms like "Moodys" , and "Standard and Poor's".
I digress here, but was it fraud for the rating agencies to do that? ..maybe not ...perhaps these firms knew that the U.S Government, the United States taxpayers, was going to bail out those investors with those bad loans, that's why the rating agencies gave those CDO'S ( collateral debt obligations) AAA rating.
Why not, after all Goldman Sachs had their pointman in Washington "Henry Paulsen" to make sure they (Wall Street) wouldn't take the hit ,when the bills came due. This All came to a head in the "Sub-Prime" mortgage scandal.
It came like some kind of accident..but it couldn't have been an accident if someone or alot of people in the George W. Bush administration knew the bubble was going to bust, particularly the rating agencies. George W. was very preoccupied with fighting the "War on terror "at the time. I'm convinced that, that incident couldn't have happened without the complicity of legislators/ Executives in Washington D.C. It was not "accident". And the Bush administration was culpable.
I think its going to be interesting to see what the other political candidates come up with to challenge Barack Obama with. Shall they Tax more? on the Backs of who? Spending cuts? whats going to become of the Country then? Perhaps the first people who should take pay cuts should be those in Washington D.C itself. Then there must be something done about the political "Cross-purposing" and general Corruption going on in D.C, or Problems like the "Sub-Prime Mortgage scandal are going to continue.
Should there be more regulation, or Less? Should we break up these "Too Big To Fail" banks", or persons, or keep them going?
Meanwhile the People holding all of our money, Banks/Investment firms, the "Wall Street" types are making there rounds in Washington,and in the coffers of our Presidential candidates for and in Academic circles.... There trying push the idea that deregulation is best, not more regulation. Incidents like the "Sub-prime mortgage scandal couldn't have happened with good regulation of financial practices and effective legal, and punitive oversight, they want to do away with any other regulation and gamble with your ,our money on the Stock market.
How about closing public discussion of government budget debt ceilings in the future? Wouldn't you like to know what your government is doing and how its spending your money?
Its going to be interesting to see whom the Wall street types can "buy out" , and which of the political Presidential candidates in the U.S is going to stand up speak out and have the fortitude to take it.
None of the Above.
No comments:
Post a Comment