Thursday, September 25, 2008
Bailout Deal Reached
About half an hour after John McCain arrived in Congress a press conference was called and the basic terms that had been agreed on were announced for the economic bailout. Thanks for all your help John, guess you can go to that debate after all... And the auto industry got their 25 Billion dollars that they asked for. There is no guarantee that any part of the bailout plan will work, and more and more money will be asked for, kinda like the current war we are waging in the Middle East.
Let's hope this works because if it doesn't, our whole economy could collapse. Serious damage has been done to the reputation of the dollar and stability of American institutions. For the past 80 years the dollar has been the currency that international trade has been based on, and English the international language of business. That may no longer become the case, and markets may switch to the Euro, which we have been fighting not to happen. A trivia answer is that Iraq had no longer accepted US dollars for their oil payments and demanded only Euros right before we invaded them...
And the world market will get worse as essential commodities such as oil and water become more scarce. Japanese investors have been buying up small watersheds along with European conglomerates like Nestle. The Japanese have also bought part of Lehman's operations and snickered all the way back to their country. They remember 15 years ago during their own economic crisis and it was US businessmen tramping through their markets and buying assets, saying how they didn't know how to run their own economy. Payback...
So, not only have we become Socialists overnight, but may well be on our way to becoming a second-class nation. Our society is a melting pot of races and cultures, and we need to work on uplifting more of our society, in places like Pritchard, Alabama; clean up the blatant corruption in small towns like Mustang Ridge, Texas; solve our homeless situation, restore dignity to those who have lost jobs, and give hope to our children that they actually have a future.
at 12:35 PM