It’s not the big bad credit card companies who are causing your debt it’s a lack of discipline in keeping a budget and spending more than you make, period. When you make bad loans, bundle them up and sell them to Fannie and Freddie you are going to have worthless paper that the borrower will be unable to repay.
When you make unsound financial decisions your business fails, period. That is unless, you have friends who can make laws and spend other people’s money i.e. taxpayer dollars to prop their sorry asses up.
Well it’s time to pay up America. Trillions of dollars are going up in smoke thanks to the likes of the Gordon Gekko’s from the movie Wall Street and a Congress that deregulated the very controls that could have kept this crisis from happening.
What the Bush administration and more recently McCain have abandoned, is true conservative values. We need to practice prudence and fiscal responsibility, balanced budgets and a self-reliant republic.
What the vast majority of American people have abandoned is, saving for retirement and a rainy day. For years, most Americans have spent more than they earn. Credit card debt, consumer debt, auto debt, mortgage debt, and corporate debt, all are at record levels. And with pensions and savings being wiped out, much of that debt may never be repaid.
Wall Street now cries Government must save us. We are too big to fail, the consequences will be dire. The consequences are dire and we must not allow this to happen again. We must operate with free market consequences not government socialism for Wall Street.
If we do not operate with genuine free market consequences we must intervene and put the leash and muzzle on Wall Street.
Here is the reality. Our economy is running because foreigners are buying our bonds and lending us money but this is going to come to an abrupt halt because they will rightly fear that if they ever get paid back and all it will be in cheaper dollars.
An America lead by the money that buys influence in Congress has abandoned the principles that once made us great. We have marched lock step forward into a global economy where we all depend on one another. American companies have moved plants and factories to anywhere labor is cheap so forget about the American worker. The American consumer buys more cheaply form abroad what we used to make in the good ole USA. Can your even buy shoes, clothes, bikes, radios, TV’s or computers made in America?
Now our trade deficits are out of control. At home tax cuts for the rich, endless war, welfare for people who don’t deserve it and out of control government spending by the so called conservative Bush administration is sinking the value of the dollar. Just look at the soaring value of gold to the dollar.
Yet John McCain would make the Bush tax cuts permanent expand the military, move NATO into Georgia and start a war with Iran. Barack Obama is promising tax cuts to everyone but the wealthiest two percent.
Our democracy is at stake due to the fiscal crisis. A Scotsman named Alexander Tyler, a History professor from Scotland living about the time that our constitution was written in 1787 said this.
“A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.”
What we are witnessing today is how empires end. What we have now is an America who is unable to defend its own borders, protect its currency, or even balance its budget. Without the discipline to solve this crisis Medicare and Social Security headed for disastrous consequences with under-Funded liabilities that will come to trillions of dollars.
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