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How Washington Is Destroying The Economy

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How Washington Is Destroying The Economy

Post by Guest on Wed Aug 31, 2011 6:56 am

Our current mess is different from the Lehman-related horror because it stems primarily from politics, not economics. The previous fear-fest came about because Lehman's bankruptcy disrupted financial markets in unanticipated ways. Today's crisis was completely avoidable. You can blame it directly on the fools who brought our country to the brink of defaulting on its debts in the name of saving us from … I'm not sure what. Yes, the Tea Party types bear primary responsibility -- but they couldn't have done it without the cowardice and incompetence of the Obama administration, which let things get way out of hand. This whole fiasco just enrages me. And it ought to enrage anyone who wants the U.S. to act like a real country rather than some third-rate failed state run by fanatical factions that hate one another.

So why is today scarier than 2008-09? Because this time not only have we got troubled financial institutions to deal with, but we have serious, substantial countries facing possible default on their debts. Including, heaven help us, the U.S.


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Re: How Washington Is Destroying The Economy

Post by Guest on Wed Aug 31, 2011 9:21 am

It's scariest because our current class of Congress and some in the Senate have no world knowledge of finance. They can only speak of their immediate districts and what they need and don't need. Like many, I don't agree with mounting debt and more mounting debt, but what happens in Montana isn't what happens in the world. The problems of NJ or VT are not the problems of AR or AZ, but we all play in the same world, so we may not like everything that has to be done, but sometimes you have to swallow a bitter pill. I don't like that we have bailed out the banks, but I don't know enough of world finance to know if not doing it would have ultimately hurt us worse, so I leave that to the experts. At least, while it was happening in 2008, Washington was seeking counsel from the experts, this group just laughs at them and then tells the President he spends, spends, spends and doesn't have anything to show for it. The experts have all agreed, if his original plan for stimulus, which was really large had been passed, it would have had a much better effect. The Republicans would NOT pass it, so now we need another. Let's see how it works. I truly want them to own this financial crisis as well as the last. The only money they want to spend is for the banks and the wealthy. Own it. Then we all need to remember in November.

They keep saying the President has no jobs plan. Where is the Republican Jobs Plan, the one they won on in November. It consists of only one thing, making President Obama a one term President and cutting additional revenues for the wealthy. That is not a jobs plan. That's a campaign and a tax cut. So far, the tax extension has yielded us very few, if any jobs. Why are people going to hire now??? It has been shown, they are just sitting on the money, they don't invest, lend or hire, just earn interest.


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