If I could pin a label on John McCain, I would pin the label of traitor on him instead of patriot as he led his fellow Republicans into blowing these bailout proceedings out of the water yesterday. Am I skeptical that this will work? Of course I am. I am always skeptical when it comes to the actions of this government. But, something must be done in order to stabilize these markets to avoid a depression.
While I do not pretend to fully understand economics which has been said of McCain, I can understand that we are approaching critical mass economically as I read this article, China banks told to halt lending to US banks-SCMP. What stood out in this article was this passage, “Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis,” At least they have regulations to protect their markets and their economy.
While policies enacted by Washington, DC at the hands of deregulators such as John McCain have left us vulnerable, in this passage, China is protecting their self interests when the article reported, "The decree appears to be Beijing's first attempt to erect defences against the deepening U.S. financial meltdown”
As you know we borrow enormous sums of money to keep this government operating from countries such as China. Now if they will not loan to us; who will? China has now seen our Achilles heel and took advantage of our weakness. McCain could have chosen to stay out of dodge yesterday and let those who understand economics more than he does handle it. But, he chose to further endanger us both economically and globally.
Yes, this is an economic 9/11, but I would say to John McCain, let the first responders who are trained in this area handle it. McCain got in the way as those first responders made their way up the stairs to rescue this country economically.
I also believe as Barack Obama does that deregulation which McCain was always a champion exposed us all to this economic attack upon our nation from within. McCain’s own economic advisor Phil Gramm who wrote many of the laws that have now brought us to our knees are to be seen as the ones who brought us down. While many pray to the alter of the late president Ronald Reagan, his trickle-down economics also got us to where we are today.
When Reagan challenged the Soviet President, Mikhail Gorbachev to “tear down this wall!” China just put an economic wall. Do I have reverence for the late president? No, I do not especially when so many have been hurt and still are hurting as I write this column. Reaganomics along with Bushanomics destroyed a once vital economy. And who bowed and continues to bow to the alter of Reagan? John McCain!
In these past eight-years as President Bush, John McCain and their fellow Republicans have sought to isolate us as a nation labeling others as the “Axis of evil” or not engaging in talks with other countries, this article sounded an economic alarm which was reported by Bloomberg News where Venezuela is seeking closer ties to China.
I want you to pay attention to this, “China, the world's second-biggest oil user, needs fuel as its economy grows at a double-digit pace.” Their economy is growing while ours is sinking quickly into the depths of financial disaster. I do feel our go it alone policy may have averted this financial disaster.
As we seek energy independence which is tied to our economy this passage will absolutely blow your socks off, "China's gross domestic product expanded 10.1 percent in the second quarter. Last year, its economy grew 11.9 percent, the quickest pace in 13 years. The nation will surpass the U.S. as the world's biggest energy consumer in five years, Jeremy Bentham, vice president of global business environment at Royal Dutch Shell Plc, said on Sept. 16."
We have been engaged in that Ponzi scheme known as the Iraq War and all the while we could have been working on our energy independence. This is where Bush, McCain and the Republicans just sank our battle-ship.
As Sarah Palin tries to interject her understanding of foreign policy and by sounding the alarm to go to war with Russia, she besmirched Venezuela in her acceptance speech before those gathered at the RNC.
Note to Sarah Palin, I have been a columnist as it pertains to Venezuela and feel I know a little more about that country than you do. Should you have time, Sarah, you may wish to read this article written by me, calling out MSNBC’s Joe Scarborough along with a consultant of theirs Steve Adubuto fact checking their idiotic assertions of Venezuela.
While Washington is trying to do everything humanly possible to save this country from financial collapse, other countries such as Venezuela and China go on as one reads, "The two countries signed 12 accords today at a ceremony at China's Great Hall of the People in central Beijing. The agreements cover trade, energy, infrastructure, communications, education and culture."