Somehow, people have overlooked how the Fed, the banks, and Wall Street went wild under Clinton, then to be followed in style by G.W. Bush. They've also forgotten that it was under Clinton that the exporting of jobs grew at an enormous rate; the corporations made money and American citizens lost jobs, homes and hope, yet the media and Clinton made it seem as if America was in a boom. Yes, it was a boom . . for Wall Street and the corporatocracy, but not for individual Americans, too many of whom did not realize the truth, but believed a media that was (unbeknownst to most of them) in league with the administration and the corporations that owned the media.
What they came to realize too late was that G.W. Bush had no equal in spending America into the tank, no equal in:
a) helping Wall Street and corporate war industries make profits like never before,
b) being responsible for the deaths and illnesses of hundreds of thousands of American troops in Iraq and Afghanistan,
c) greatly expanding our overseas bases, and
d) spending us into
the toilet so that even the IMF is now looking at America cross-eyed, the way it used
to look at 3rd-world countries.
This is most likely because America has in many ways become a 3rd-world country, economically, politically and socially, with so many of our democratic Constitutional rights having been stripped away, the same way they were, and are, stripped away in dictatorships throughout the 3rd world. It happened first under Bush with his strange legal counsels, and is now being followed up in kind by Obama.
Make no mistake, many of those who started this downfall of the American economy under Clinton are the same people who surround Obama today: Rubin, Geithner, Summers, Wolin, Bernanke and others. Unfortunately, most Americans will hear nary a word from our Nobel Prize winning economists who have long disagreed with these instigators of our downfall. I refer to people like Joseph Stiglitz and Paul Krugman. Neither will most Americans hear from such perceptive and independent writers as Paul Craig Roberts or Mike Whitney. Nor will they ever read the independent and perceptive writing at such sites as: www.opednews.com, www.informationclearinghouse.info, www.Counterpunch.org, and www.TodaysAlternativeNews.com. And more's the pity.
Thus, as America heads blindly into this maw, it should be no surprise that the housing market recently fell 27%; unemployment played a big part in it because the real unemployment rate is most likely around 18%, and the banks are not loaning the money they have anyway, as they comfortably collect the easy interest they get from their readily purchased Treasury certificates, as they wait to gobble up real estate when prices finally bottom out. This will be real estate they can then sell at good prices to well-heeled buyers, including overseas buyers, when we finally begin to pull out of the full-scale depression that slouches toward us.
Most Americans these days cannot buy houses because: the prices are still too high, their jobs are not stable for the long run, and the banks (as has been shown by recent evidence) did not, and do not, want to loan the money they were given by the Bush and Obama administrations to help solve the housing crisis. (The banks have more profitable ways to invest that money, and to hell with the middle class whose tax revenues saved them.)
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