If you have had the feeling the people you voted into office don't really care about what you think you're not alone. 90% of Americans were against the $700 billion dollar bailout of Wall Street. One senator's office was flooded with 95,000 emails the day leading up House's vote on the bailout; 89,000 were against the plan. But, what do we know. After all, we are just common citizens who can't possibly understand the complexities of our current situation. Nonsense! We understood then as we do now. You don't ween an addict off drugs by giving him an overdose! So, needless to say most Americans are feeling quite disenfranchised from Capitol Hill. Congress and the White House are at the whim of interests groups and corporate lobbyists, and seem to disregard the citizens who put them in office. Our economy is in a 700 billion car train wreck because Washington and Corporate America only sees in green.
According to the French, the world is leaning over the precipice of economic collapse. The Dow Jones Industrial has lost nearly 35% of it's value from a year ago. Just in the last week it has shaved 22% off it's value. Despite the Treasuries attempts to rescue our ailing economy with the $700 billion bailout plan, the commercial paper buyout plan, and the Reserves early morning announcement of a 1/2% interest rate cut, the stock market continues to seesaw and credit market remains frozen. It seems the Fed's plan of simply dumping money on the problem is about as effective as hunting an elephant with a BB gun.
So what will happen to the icon of Capitalism that is the American economy. Not even the experts know. The appeal of Capitalism has undoubtedly been tarnished in the eyes of the world on account of the greed and irresponsibility of the few. This mess has encircled our "fearless" leaders in a storm they have never seen before. Economists cannot even agree as to the outcome of this storm. So, what is certain? Uncertainty. Yesterday Ben Bernanke, Federal Reserve Chairman, told the press that our economic outlook is worse than even he thought. So just strap in and enjoy the ride. Where it ends no one knows.
The economy is at the forefront of these perilous times but it is far from the only menace to our peace and prosperity as Americans. Russia, China, Iran, North Korea, and Venezuela are all major threats we will most certainly be dealing with for a long time.
Russia and Venezuela have formed a partnership in which they hope to manipulate their neighbors by threatening to cut off their energy supplies. Russia controls a majority of the oil flowing to European continent and are planning to take over Georgia and Ukraine to tighten their grip on that hemispheres energy supplies. Venezuela has plans to begin cutting off the U.S. as one of their largest oil importers in attempt to strain our already tight energy supplies and force the price of gas higher and higher, putting additional strain on our economy. The two countries have also formed a military alliance. Russia has recently moved bombers and navy battleships to Venezuela and are planning joint maneuvers in the Caribbean in the coming months. France is in talks with Venezuela to develop a civilian nuclear program in that country as well.
By the way the Stock Market rallied for a short time today before free falling to -189, despite the interest rate cut, at the closing bell
No comments:
Post a Comment