Good Morning out there to the live and sane, your King of Simple News is on the air.
U.S.NEWS: Alan “Cash” Greenspan in past days said, “The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.” He also said that, “It will end eventually when home prices stabilize and with them the value of equity in homes supporting troubled mortgage securities.”
To Mr. Greenspan’s remarks, I say this, “Put a cork in it.” Why would anyone listen to a guy who led us into this mess with reckless monetary practices and who also said that housing would make a soft landing? Or who said that the housing sector was not large enough to bring down the entire economy. The three strike rule has to apply and Cash is out of the game.
With the U.S. fighting wars on three fronts, it seems that the greatest casualties for Middle America are coming from the battles being waged against Wall Street and Washington DC, with Iraq coming in a distant third.
I say we pull the presidential and congressional troops out of the Washington D.C. demilitarized zone and send them home. After all, some of these people have been on extended tours and we need a rest from them. It has to be the water.
I want to lay out the risks of the new economic recovery plan, should it not work as planned. Or more aptly; when it doesn’t work as planned. I’ll abbreviate this as much as possible in the interest of eye strain.
The U.S. is up to our eyeballs in debt to a degree that it is necessary to put $10.00 on deposit in order to borrow five. This situation is described in economic terms as “really, really bad.” It could however be rectified if everyone made more money with which to pay interest on new loans that the government prays daily you that you are dumb enough to take out.
The simplified method of raising wages across the board would be to raise the minimum wage to $20.00 per hour. The only thing that keeps Congress from doing just that, is input from some of the Congressional aids who graduated from 8th grade and have pointed out that it would bankrupt every business in America except Wal-Mart.