CAN Obama Reverse The Economic Slide?
This is the most serious economic crisis in World history. The October 2008 financial meltdown is not the result of a cyclical economic phenomenon. It is the deliberate result of US government policy instrumented through the Treasury and the US Federal Reserve Board.
The "bailout" proposed by the US Treasury does not constitute a "solution" to the crisis. In fact quite the opposite: it is the cause of further collapse. It triggers and unprecedented concentration of wealth, which in turn contributes to widening economic and social inequalities both within and between nations. The levels of indebtedness have skyrocketed. Industrial corporations are driven into bankruptcy, taken over by the global financial institutions. Credit, namely "the supply of loanable funds", which constitutes the lifeline of production and investment, is controlled by a handful of financial conglomerates. With the "bailout", the public debt has spiraled. America is the most indebted country on earth. Prior to the "bailout", the US public debt was of the order of 10 trillion dollars. This US dollar denominated debt is composed of outstanding treasury bills and government bonds held by individuals, foreign governments, corporations and financial institutions, Click Here. By providing urgent economic stimulus to the middle class and the working poor, and reining in the rescue of the Wall Street conglomerates, Obama can reverse the economic slide.
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Lance Ciepiela is a retired senior who had an interesting career in government service - a United States Marine Corps (USMC) Vietnam-Era veteran, who became interested in restoring the Constitution after I realized that W Bush had attacked Iraq (
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