And So America Went Down the Crapper...

Wow, I never thought it would happen this way. Excuse me for my very politically themed posts recently but, hey politics are everywhere these days. So, have you heard about HR 1424 aka The Emergency Economic Stablizaion Act of 2008? Oh, you mean that thing on the side collumn of the paper this morning? YES!!!

Basically tonight I am glad I am not a US citizen. Sorry but its the truth. Tonight history was made and Bush offcially became the worst president ever. He signed in the HR 1424 into law. What does that mean to the average american?

FIRST A HISTORY LESSON - Investors on Wall Street got greedy. As they always do. They made some very risque investments, and a lot of them. Meanwhile, home owners weren't reading the fine print about adjustible morgage rates. So the lending isntitutes, who also wanted more and more money, adjusted the rates. Many Americans could not pay the new rates so instead of doing something productive the Fed cut intrest rates. That didn't help anyone except the companies that the Fed Board of Directors owned. So then the lending institutes weren't getting their money and went bankrupt. This led to large scale unemployment and a drop in the stock market. Thats were we are now. Well the stock market dropped and then Bush said, "I will pass a Bill to help fix teh market." And it rose very slightly at this. Then the bills were proposed and rejected. The Markets tumbled like they haven't tumbled in decades. This led everyone to crying "Economic crises!"

SO WHAT? - Well this meant that there had to come a bill now because Wall Street was expecting it. The problem was that the Bill, HR 1424 would fix the markets through taxpayer money. Thats right your money will be used to help all those poor million dollar CEO who lost a few shares because they were greedy get even more back.

Why else is the bill bad? Well, lets start with the obvious fact that the bill is not endorsed by anyone other than people who have large scale investments in lending companies such as Goldman Sachs. All the other politicians, investors, financial advisors, etc are aposed to it. Not just that but the majority of economist from across teh nation's universities, people that study this kind of situation and the response to it for a living, made a petition and had it signed by nealry 300 diffrent heads in the course of a day, ALL APOSED TO IT SAYING IT WILL HAVE WORSE RESULTS THAT WILL LAST FOR GENERATIONS!!!

Plus there is the fact that it has this one small clause that says that the money will all be administered by the Secretary of the Treasury (aka Bush's employee) and that he will not be able to be held accountible by any judiciary board or senate comitee for his decisions. That is a lot of power for one person. $700billion in taxpayer money that he doesn't ever have to answer for. BTW he is a majority share holder in one of those lending companies (Goldman Sachs).

Oh, and if this wasn;t all bad enough, the US deficit will now rise to almost $12 trillion dollars in 2009. Meanwhile your GDP is falling because of all these mortgage and financial crises. Last year it was around $13 trillion. Your annual debt is almost equal to your annual income. That is a scary thought for a nation. Think about it.

And thats why I said that on this night, America went down the crapper!