The Perfect Economic Storm, With No Captain – video

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Ohg Rea Tone is all or nothing. He is educated and opinionated, more clever than smart, sarcastic and forthright. He writes intuitively - often disregarding rules of composition. Comment on his posts - he will likely respond with characteristic humor or genuine empathy. He is the real-deal.

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The Perfect Economic Storm, With No Captain – video

The Perfect Storm.  That moment when unique weather patterns come together to create the absolute most havoc.  Bush and McCain and their Republican cronies have created that moment in our economy.

The storm began with letting up on banking regulations.  Then they deregulated investment banks. The idea was that home prices would continue to climb and all bets would be covered. They counted on a growing economy – but their own actions would come back to haunt them.

This might have passed the muster of weather shingles and storm windows – but Osama Bin Land (who remains free) attacked our centers of commerce and military power.

Bush and McCain jumped on Afghanistan – which was the right thing to do.  Like a golfer who has just made a birdie, they took a big swing on the next hole – and shanked the ball into the woods.  They lied about weapons of mass destruction and terrorist activity in Iraq, justifying a wanton belligerent action by the United States Military.  They predicted a quick and easy victory – and they were wrong.  Bogged down, they surged to record levels of military spending.  They told us the Iraqi Oil would pay for the war – but the Iraqi’s have banked about 80 billion dollars – while we taxpayers in America foot the rebuilding bill.

McCain's Campaign Boat

McCain

Again, they might have pulled it off – but they lowered taxes and told everyone to go to Disney World.  No problem here – we will take care of it.  In the interest of protecting their cronies in Big Oil, they gave tax breaks and encouraged oil exploration.  Big Oil jumped on the opportunity of friends in Government and raised gas prices to record levels.  These exorbitant oil prices crippled the economy – stifling American’s ability to purchase.  Bush and McCain were counting on the economy growing to offset the tax breaks – but their Big Oil buddies see loyalty as a one way street.

With a faltering economy people could not make their mortgage payments.  As the economy tanked the interest rates climbed.  Bush and McCain continued to chase their loses.  We need more military intervention around the world, we need lower taxes, and we need fewer business regulations.

The Perfect Economic Storm.

In the process these Republican leaders, McCain and Bush, have lost the confidence of their fellow Republicans.  The Republican crew of the Andrea Gail mutinied.  They have dumped the Captain and the First Mate.  The ship of Government is sailing without a rudder.

McCain says, “All hands on Deck.”  But there is only panic on deck.  They have no idea what to do.

This was the scene in Congress this week:

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There Is 1 Response So Far. »

  1. The mortgage lending nightmare started before the Bush administration. Bill Clinton wanted everyone to have an opportunity at the American Dream of becoming home owners. He force lending standards to be relaxed to include the poor and affirmative action took care of the minorities. So if your were poor or were a low to low-middle class minority you were almost guaranteed a no money down loan. Credit qualifying standards were relaxed, and boom the housing market surged. However someone forgot to mention to these folks that adjustable rate mortgages actually fluctuate, and there are taxes and insurance to pay. So, sure sir/madam you can get into this house for 450 dollars a month at 8.75 % (for at least the next 3 years then who knows what it will be. Then the fine print was 800 dollars a year for taxes and 600 dollars a year for insurance. And maintenance, upkeep, utilities. The list seems endless. So when the APR changes to 11%, insurance goes up because the house is falling apart, but the guy next door put on new siding and a roof, so there goes the property taxes rising. This hardly started on Bush’s inauguration day.

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