As Americans watch in horror as the economy is nose-diving, it becomes obvious that our nation is desperately in need of a short-term solution, and a $500.00 stimulus check does not even come close to helping this nation stabilize our economy. At best, it’s a band-aid on a gaping wound that requires major surgery. With all due respect President Obama, we need a solution that will halt this economic crisis dead in its tracks, and there is a way to accomplish that endeavor without pouring billions of dollars into the failed financial sector. Millions of Americans consider it to be a slap in the face as we watch you authorize our taxpayer money being used to shore-up financial institutions when we know that the worst is yet to come. As previously reported, another round of credit card and auto loan defaults loom on the horizon - which will require even more money being funneled into our banking and financial sector as these institutions face another round of multi-billion dollar losses:
“Billions of dollars in auto and credit card debt held by banks are expected to default in 2009, after the billions in mortgage-backed debt that initiated the financial crisis.” LINK
It’s obvious from the above quote that the financial crisis is far from over, and the bulk of your solutions are long-term and will not stave-off the upcoming billions in losses to our financial sector. If the above quote proves to be true, and with Americans losing jobs by the thousands each day, the veracity of that quote is self-fulfilling; understanding that, it becomes obvious that the financial sector will lobby for more bailout money, and from what we have witnessed so far, it’s likely they will get what they want. I understand that it’s not “politically correct” to directly help the people themselves, as most decisions in Congress are influenced by the billions of dollars spent by K-Street, which in my opinion, illegally influences our Congress to act in the best interests of those whom are donating money and effectively bribing more than 97% of our entire Congress. The BBC also viewed lobbyists’ influence, especially as it pertains to the pharmaceutical sector, as nothing more than legalized bribery.
President Obama, how do you expect to stave-off this coming loss of billions of more dollars in the financial sector? Your long-term stimulus package won’t offer the jobs you promised for a very long time - and by then, the nation will be in the bowels of poverty. When the bulk of the population has lost everything they have worked their entire lives to acquire, how do you tell us that you did everything in your power to help the American people? Desperate times require desperate measures, and from my point of view, you’re listening to the wrong economic advisers - and your stimulus package is weak and will not help the economy anytime in the near future; if you don’t act now, you’ll witness the United States descend into chaos, and it will be on your watch - aided and abetted by your failure to understand that America is dying far quicker than anyone had imagined. If you fail to act decisively, our destruction will rest squarely on your shoulders even though this crisis was started by the Bush administration.
Throughout history, it has been the inaction of those who could have acted, the indifference of those who should have known better, the silence of the voice of justice when it mattered most, that has made it possible for evil to triumph. – Haile Selassie
Consider this, President Obama; In a scaled down version of what I suggested in a previous article, I suggested using “Trickle-Up” economics to stave off our current financial crisis. I noted that on CNN, a woman suggested that the government use an economic stimulus that would grant every family, head of household, or individual of a certain age $25,000 dollars. This money would obviously be deposited in our banks, instantly giving the banks the liquidity they need. Furthermore, instead of another round of billion dollar losses on credit card and auto loans, this action would prevent this final phase of the economic crisis from occurring. People would have the money to pay for their credit cards, house payments, auto loans, and the injection of this money into the economy would instantly revive the economy if it was granted with specific restrictions and create millions of new jobs. Retail sales would pick-up immediately and consumer confidence would rise, instead of being at an all-time low!
President Obama, we’ve lost our manufacturing base and the United States is now a “service based” economy. We cannot continue being a service based economy, and it is essential to reinvigorate our small businesses and manufacturing sector(s). Make it mandatory that 80% of this “stimulus money” is spent on American made products. If you believe the government can start up our industry again, think about how fast American business will ramp-up operations to claim their part of the bailout money; I guarantee is will be far faster than Washington’s bureaucracy. Jobs are created the natural way, by consumer confidence and spending. Our major corporations have spat on the people by sending our jobs overseas, paid themselves billions in bonuses from taxpayer money and instead of our purchases helping the American economy, we prop-up governments that manipulate their currency, adding to the crisis we now face. Some people, and especially the GOP would label this as protectionism; it isn’t, it’s a matter of restoring our economy and our manufacturing sectors and refusing to allow corporate America to rob and plunder the people of the United States. Survivalism is not protectionism, it’s a matter of saving our nation.
Late last night, On Anderson Cooper’s 360, he was interviewing the “talking heads” and one of them quipped that “giving the poorest people in America a large cash benefit” would help to improve the economy far quicker than your stimulus plan, and even though he was being sarcastic - he inadvertently hit the nail on the head. His final thoughts on the matter were that we prop-up the financial sector first, wait a few months, and see what happens. That mentality has already brought forth a national disgrace. The New York Times is reporting that:
What Red Ink? Wall Street Paid Hefty Bonuses
By BEN WHITE
Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.
That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller.
While the payouts paled next to the riches of recent years, Wall Street workers still took home about as much as they did in 2004, when the Dow Jones industrial average was flying above 10,000, on its way to a record high. Some bankers took home millions last year even as their employers lost billions. (The emphasis on certain passages of this Op-Ed were mine.) MORE
I’m not used to working with numbers that large, but I believe that 18.4 Billion Dollars divided by 25,000 = 736,000.00. Imagine if just the bonuses of these blood-sucking CEO’s would have been divided-up between 736 thousand households and the immediate consumer spending that would begin almost instantly. Expand those figures tenfold, and then consider that at a cost of 184 Billion Dollars, 7 million, 360 thousand households, primarily those in the most distress - would suddenly be able to pay their mortgages, credit card and auto loan debt, and if you expanded the program enough, to maybe half of the total bailout, a second wave of foreclosures, credit card default, and auto loans would not default, thus bailing out the banks before the crisis begins. - that action alone would inject huge amounts of money directly into the economy and stave-off the billions of dollars that are forecast to be lost in the financial sector from bad credit card debt and auto loans in 2009. The banks will have no reason to request more taxpayer bailout money, as the economy would be jump-started with what I consider to be the life-support this nation needs. It’s synonymous with using electricity to bring back a patient suffering from a heart attack; the ability of Doctors and EMT’s to understand when a patient needs to be shocked back to life is one of the final measures in saving a heart attack victim (in some cases) - and it’s saved hundreds of thousands of lives. Unless this is a bottom-up bailout, the suffering and death in our nation will continue. With the forecast of financial institutions losing billions of more dollars in 2009, why not pay the money to the people and kill two birds with one stone? Perhaps every member of the Congress and the White House have forgotten one factor, it’s OUR money, the resulting debt will wind-up in our grandchildrens laps, and “we the people” deserve to enjoy at least some of our tax dollars after the drubbing we’ve taken from corporate America.
American lives are at stake too, based solely on the financial crisis and the despair of knowing that the job you just lost cannot be replaced:
With no job and 5 kids, ‘better to end our lives,’ man wrote
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).