As we take stock of our economy, the outlook is dire. Rather than the mortgage crisis being almost played-out, the long term effects are now being felt by some of America’s most legendary and prestigious financial institutions. The consensus from the White House seems to be slanted and we’re protecting the huge bloc of high-profile investors and CEO’s rather than the people - and loss is being transferred to the public sector, interesting when you understand that when these entities were highly profitable, none of their profits found their way into the public domain. Now, we are to believe it is the taxpayer who should foot the bill of bad decisions and almost a total lack of Federal Oversight - which is the culprit for our current economic crisis, among several other of their (Bush administration) equally bad financial decisions throughout our economic landscape.
Alan Greenspan, pulling no punches, stated:
Greenspan: Economy in ‘once-in-a-century’ crisis
In an interview Sunday, the former Federal Reserve chairman said that more financial firms will fail and that housing won’t stabilize until 2009.
September 14, 2008: 1:08 PM EDT
WASHINGTON (CNN) — The U.S. credit squeeze has brought on a “once-in-a-century” financial crisis that is likely to claim more big firms before it eases, former Federal Reserve chief Alan Greenspan said Sunday.- Advertisement -
Greenspan told ABC’s “This Week” that the situation “is in the process of outstripping anything I’ve seen, and it still is not resolved and it still has a way to go.”
“Indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes,” Greenspan said. He predicted that would not happen until early 2009, and said the odds of U.S. recession have gone up in recent months. Much More
Whereas Alan Greenspan “said the odds of U.S. recession have gone up in recent months.” I disagree and believe that we’re firmly in a recession right now which could turn into a Depression - of a severity and duration that could equal or surpass that of the Great Depression that began with the stock market crash on October 29, 1929. One of the differences I see between now and the Great Depression is that during the times the stock market crashed in 1929, so did some of Wall Street’s executives, right through their windows to the pavement below! In today’s crisis, those CEO’s whom have fleeced America are gliding to comfort via their “Golden Parachutes” which in Bush’s fascist state, those who have mislead and cost American consumers billions of dollars are rewarded for their behavior rather than being shunned and penalized for their performance that helped no one except themselves and the other super rich stockholders and executive management that helped to push through and implement transactions that were at times illegal and bordered on fraud and misrepresentation.
Consider this; if Russia and China were seeking to dismantle an/or destroy the United States, it’s doubtful they would have succeeded. When Bush and Cheney stole the 2000 and 2004 Presidential elections, they assumed control of a robust economy with a surplus of billions of dollars. It has been greed, cronyism, and an unabashed failure of our current administration to halt and regulate the illegal and highly suspect practices that Wall Street has been engaged in these past seven-plus years that led to the financial collapse of the United States - almost all of which has been engineered by GOP operatives. Bush and Cheney have looked the other way as the wealthy and connected have raped and plundered our economy with nothing more than a “wink” and a callous disregard for the average American who is suffering the most because of our financial insolvency.
Today, President Bush stated that:
“he shared the American people’s concerns about the economy and his administration was ready to act to prevent severe market disruptions.
Bush said recent actions by the government to take over the huge insurance company AIG on Tuesday as well as mortgage giants Fannie Mae and Freddie Mac were necessary to prevent a “severe disruption” in financial markets.- Advertisement -
“These actions are necessary and important, and the markets are adjusting to them,” Bush said.
Despite the government’s takeover of AIG, the Dow Industrials fell 449 points Wednesday in its second worst session of the year. Much More
As we watch our country’s economy disintegrating right before our eyes - we are witnessing what a “C Average” President who has failed in almost all of his personal financial endeavors and a criminal Vice-President have methodically engineered - the collapse of our economy to transfer our wealth to the top one to five percent of the wealthiest of individuals and corporations. Unfortunately, the financial bleeding is far from over as Michael Bloomberg forecast today: