SEPTEMBER 11, 2008: AMERICAN PUTSCH?

With the recession, and President Obama’s subsequent stimulus debacle, dominating the media, recent revelations about the true origins of the financial crisis have been (deliberately?) ignored. Contrary to popular perception, the recession and the crisis in the financial markets are two separate and distinct events even though the effects of one affects the other. If you will recall, in September we were led to believe that a financial disaster was imminent. The President, at the urging of Treasury Secretary Henry Paulson, insisted that drastic action had to be taken immediately or the financial markets would collapse. The stock market plunged and trillions of dollars in value just evaporated. Therefore congress, in a rush, passed the 700 billion dollar bank bailout known as the Troubled Assets Relief Program (TARP). Although most of us “informed” citizens are aware of the long term root causes of the financial collapse (the Community Reinvestment Act and the toxic assets it spawned) this in and of itself would not have presented its effects as an emergency of such dire proportions. These assets had been fermenting for decades awaiting a flame to ignite them. Now the revelations are coming forth…

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APPETITE FOR DECEPTION

“I think that’s all fine and good but here’s what I think, in the next 47 days you can fire the whole trickle-down, on-your-own, look-the-other way crowd in Washington who has led us down this disastrous path. Don’t just get rid of one guy. Get rid of this administration, Get rid of this philosophy. Get rid of the do-nothing approach to our economic problem and put somebody in there who’s going to fight for you.” -Barack H. Obama

With the explosion of news coming out of the financial markets these days you could be led to believe the United States is on the verge of a massive economic collapse on par with the Great Depression. The stock market plunges 500 points one day on the news of AIG’s impending failure then rebounds 700 points the next two days. Markets in other countries have to be closed because they are rising too fast! All this on the news that the Federal Government is coming to the rescue with hundreds of billions of our dollars by assuming control of still more of the mortgage industry. Ahh, the smell of socialism comes to America and Wall Street rejoices. With the collapse of the mortgage industry, a lot of politicians are calling for heads to roll. Somebody should have said something…right? Somebody should have done something…right? Well my friends, somebody did say something and somebody did do something. Step inside a twisted tale Hollywood could have never imagined, yet most assuredly, will vote for…