• Did you know that 87 U.S. Senators and over 300 members of the House have signed letters to President Obama standing up for Israel, the blockade of Gaza, and the actions of Israeli commandos who landed on the ships that attempted to break the blockade a few weeks ago. Why isn’t this being reported?
• How about this one…did you know the House yesterday inserted a last-minute tweak into their version of the financial reform bill that could force private banking institutions to pay for and clean up the mess that is Fannie and Freddie? Oh, and by the way…that’s just another way of saying you’ll pay for and clean up the mess cause any costs to your bank will gladly be passed right on through to you.
• Oh and…speaking of the House and Fannie and Freddie…did you hear that when a couple of Republican Congressman tried to introduce amendments to the financial reform bill that would have forced the government to rework Fannie and Freddie and make them accountable for the mess they’ve helped create they were, according to the Wall Street Journal, repeatedly disallowed by House Financial Services Committee Chairman Barney Frank, who at one point violently slammed down his gavel in frustration…no? didn’t hear that one?
• What about the provision added, almost completely unnoticed, to a “help small business bill” that passed the House last week that would allow all but the top 100 largest banks to pretend they haven’t made any of those bad subprime loans so they can go out and lend more money. This bill would allow almost 8,000 banks to spread out accounting of those bad debts for six to 10 years…just pretend they’re not there so it looks like they have more assets than they really do. By the way…this is exactly what happened during the 1980’s savings and loan collapse and again in during the Japanese bank collapse in the 1990’s and history tells us it did not turn out well. Amazing what happens when you pretend the boo-boo isn’t really there…it festers, becomes infected, and then kills you. Why are we doing this?
• And did you hear that new home sales dropped 33 percent in May, the month the government’s mortgage stimulus program went away? They were down 18 percent vs. last May…oh and commercial and private lending has taken a dive since January of this year….and showing that he’s no dummy, Fed head Ben Bernanke said yesterday that financial conditions have become “less supportive” of economic growth in the U.S. Nothing gets by you does it Ben?
• Meantime, the President’s buddy George Soros said yesterday that Germany’s plan to actually address its debt instead of continuing to spend like a drunken sailor was, and I quote “pushing its neighbors into deflation: threatening a long phase of stagnation…wait it gets better…and leading to nationalism, social unrest, and zenophobia, and, and, endangering democracy…yikes.
• Oh and Mr. President, not that this will matter to you but Americans are waking up. The latest Wall Street Journal/NBC News poll says 62% of adults feel the country is on the wrong track, the highest level since before the 2008 election. According to Democratic pollster Bill McInturff, the results show “a really ugly mood and an unhappy electorate.” Kind of like they were before you crammed Healthcare down our throats, for example.
A logical, rationale government would take all of this information and say, whoa, we’ve got to use some common sense and right this ship…it’s going to be hard and really painful but if we don’t change our path there will be no United States of America…at least not like the one we know now, but I fear that’s not what’s happening here. Listen to the rhetoric.. the subtle and not so subtle clues – something a lot of Americans wish they had done prior to the last election. We’re hearing the President and others start to talk about the threat of a double-dip recession…we’re hearing people like progressive economist Paul Krugman say FDR lost his nerve in 1936…he should have poured more stimulus money into the U.S. economy…Soros telling Germany if they don’t spend more they threaten democracy…democracy! In Europe. Gang, my fear, and I hope I’m wrong, is that we’re about to be introduced to a new phase of this economic crisis that will be presented as an emergency requiring our immediate attention in the form of another massive and maybe fatal government bailout that will lead to the ruination of our country. Keep your eyes and ears open…take the time to know what your Congressmen and women are doing under the cloak of secrecy…know history. For example: Krugman says FDR lost his nerve and needed to spend more during the Great Depression…let’s look at the actual words of FDR’s Secretary of the Treasury, Henry Morgenthau near the end of their second term in office:
“We have tried spending money. We are spending more than we have ever spent before and it DOES NOT WORK…I say after eight years of this Administration we have just as much unemployment as when we started…AND an enormous debt to boot.”
Do your homework…seek out the truth from as many different sources as you can. Find the perspective and context in history…don’t let the truth be revised, altered, obliterated to serve the purposes of those who want to “fundamentally transform” this into an America you and I won’t recognize.