And when it passes, we will find out what toxic garbage the Fed has been buying from banks and what they have paid for it. We will find out every company that received funds and how those funds were spent. We will subpoena every piece of correspondence, fax, e-mail and phone calls the Fed has ever made. We will get a real balance sheet; not some version the GAO approved. Just wait until the public sees how the Fed and its owners have looted the people for almost 100 years.
Are we headed for another great depression?
Unbeknownst to most of us, we entered a depression this past February. And if we are not in a depression, then what is the significance of an actual 20% unemployment rate, a factory utilization level of 65%, and continued foreclosures on a massive scale? Nearly a third of homeowners with a mortgage à ‚¬" 16 million people à ‚¬" now owe more on their mortgage than the price for which their home could be sold! This kind of negative equity, combined with high and rising unemployment, greatly increases the risk of future foreclosures, which continue to increase in number.
Chris Hedges aptly sums up our current situation:
I spent two years traveling the country to write a book on the Christian right called American Fascists: The Christian Right and the War on America. I visited former manufacturing towns where for many the end of the world is no longer an abstraction. Many have lost hope. Fear and instability have plunged the working class into profound personal and economic despair, and, not surprisingly, into the arms of demagogues and charlatans of the radical Christian right who offer a belief in magic, miracles and the fiction of a utopian Christian nation.
Unless we rapidly re-enfranchise these dispossessed workers, insert them back into the economy, unless we give them hope, these demagogues will rise up to take power. Time is running out. The poor can dine out only so long on illusions. Once they grasp that they have been betrayed, once they match the bleak reality of their future with the fantasies they are fed, once enough of their homes are foreclosed and they realize that the jobs they lost are never coming back, they will react with a fury and vengeance that will snuff out the remains of our anemic democracy and usher in a new dark age. http://www.truthdig.com/report/item/addicted_to_nonsense_20091129
Obama allowing the financial elite's economic warfare on America's middle class to continue
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