Now and then//1929, 2009//the coming Depression. Part VII

By , October 16, 2009 8:56 pm

Now and then//1929, 2009//the coming Depression. Part VIIBack in January of this year I wrote that this Administration would lie and take whatever steps necessary to cover the truth about the economy and thus far during the last ten months that is exactly what they have done. Nothing that has came out of the administration and Congress on the current economic health and the future (actual) cost of their (income distribution) “health care for all” and “energy” bills has stood the test of the CBO. The  biggest lie of this process to date is the Democratic Congress and White House blaming the GOP and Fox News for the failure of their agenda to pass; the truth: the democratic controlled Congress has not been able to get their own party to agree. We are all aware by now that this administration had no idea whatsoever what (if any) good would come of their $787 Billion “stimulus” bill. They were wrong on their expectations for the unemployment rate, they were wrong on their expectations of creating or saving “jobs” and we will soon see that they were wrong on the future strength of “bailed out” banks and auto companies. However they are not wrong on their plans for the remainder of the “stimulus” bill amount; here it is: as of September only $151 billion had been spent, they claim that $185 billion will be spent later this year. They have reserved $399 billion for next year (WOW-IRONIC isn’t that about the time that the democrats start running for “re-election”? Another $134 billion is to be spent by the end of 2011; isn’t that about the time that Obama starts his “re-election” process. What we have seen thus far is that the “stimulus” $787 billion has and will be wasted on political payback and the expansion of government intervention/influence over the economy and our daily lives. The President has surrounded himself with “inexperienced” advisors who at best are experimenting with the future of our Nation’s wealth and security. Mr. President, all your charismatic speeches and promises CANNOT change the outcome of your actions and the American People are waking up to the possibility that your inexperience prevents you from knowing the difference between “campaigning “and “governing. America, be not deceived, don’t let the recent rally in the stock market (a little over 10,000) give you comfort, I don’t see anything in the economy with any substance to back up the stock market numbers. Here it is: 70% of the U.S. economy is driven by growth in consumer borrowing and spending: in September; the FED reported that consumers slashed their borrowing in July by the largest amount on record, unemployment is the highest in 26 years, the decline of $21.6 billion in consumer credit was seven times higher than expected and if this decline in borrowing and spending continues we will very soon see corporate earnings decline. I’ve said this twice in other parts of these series and here it is again, over the next 90 days look for bad signs/news on “commercial real estate” and “bank failures” I’m not an economist or Wall Street theorist so I cannot fully explain the “10,000” wall street number but I do fully understand that there is nothing in our economy with any substance and everything out of the White House is deceitful at best. Actually the only possible bright future that Wall Street might have in the near future is “commodities”; our currency is probably going to collapse completely and it might not be as far away as we might want it to be. I’ve said this in every post of this series and I still believe it: we are probably seeing the beginning of a very long and severe economic depression. Conservatives, Republicans, faith-based and middle-class Americans of any party, ethnic back-ground, age and social status WAKE UP and GET INVOLVED: IT IS NOT EVIL, IT IS NOT GREED and IT IS NOT WRONG TO WANT TO ACHIEVE RICHES, TO DESIRE INDIVIDUAL FREEDOM, TO WORK HARD FOR SUCCESS AND MORAL FREEDOM FROM “STATE” INTERVENTION. IT IS NEITHER RACISM NOR BIGOTRY TO DISPISE THOSE THAT WANT GOVERNMENT TO TAKE FROM US AND GIVE TO THEM SO THEY WON’T HAVE TO WORK.  

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