Interesting because I was writting this in 2005! http://vtsl.blogspot.com/2005/09/collapse-of-american-preeminence-bush.html
Wednesday, September 21, 2005 The Collapse of American Preeminence, The Bush Legacy The Collapse of American Preeminence, The Bush Legacy In the Next three years we will see the cascade effect of the errant Bush policies collapse the economic strength of the US. With hard won economic strategies America entered the 21st century in financial health to dominate the century. Bush squandered this strength and in doing so condemned this nation to potential financial ruin. Any organization should always anticipate the unknown. You set up a catastrophe fund, a rainy day fund, an emergency fund. We have none. America had an Annual Budget surplus that gave America the option to pay down long term debt, or address any emergency that arose. The long term debt were both the Social Security Bond Redemption the US treasury has to honor, and the Treasury bonds issue to the public. Bush took this 'surplus' and used it to buy his Presidency at the cost of America's future. The Tax cuts during a time of war are fiscally irresponsible. Now we will suffer the long term effects of this fiscal irresponsibility. The long term pain this country will suffer will far out weight the short term benefit of the tax cuts. Tax cuts the MAJORITY of America did not benefit from. Alone these tax cuts did not weaken this nation, but when two wars, rampant deficit spending by Republicans, TWO natural disasters Katrina and Rita and the resultant higher energy prices this nation was dealt a potentially crippling series of devastating lethal blows. Had Bush not chosen to continue with the irresponsible Tax cuts and the War of Choice in Iraq, and the Republicans had shown some fiscal responsibility they always claimed they had, this country could have weathered the TWO hurricanes with little fiscal turbulence. The cure now will be painful and severe. We are looking at an annual deficit of $700 Billion a year. That is a conservative estimate. It will take each American paying an additional $7000 a year to pay off this deficit or we can slash ALL spending a flat rate equivalent to the Deficit. This is the cure. If we do not do this, the Depression will look like a pleasant dream. On Nov 19, 6:18 pm, Jim Willis <[EMAIL PROTECTED]> wrote: > Gee Wally; though I am hesitant to say I told you so, I did. As the > Dow races to 7000 my prophetic, prescient, almost clairvoyant > predictions of an economic apocalypse are tragically coming to > fruition. Yet, it will get much, much worse; trust me. The vaunted > $700 billion, “shuck and jive” has been as effective in loosening > credit markets as Al Gore has been at losing weight. He’s still a fat > bastard and our financial markets are circling the bowl. Here’s what > you need to know. > > It’s too late to prop up our financial markets. The fire started by > Democrat holdovers, flunkies and thieves in Fannie Mae and Freddie Mac > has spread from our financials to industrials and even to internet > advertising; ala Google’s dive today. Also note Yahoo is almost free > and CBS is on life support at $5.00 a share. My point; every sector of > our economy is in full nose dive. > > Just for kicks, let’s quickly stroll down memory lane and examine the > cause of this winter of our discontent. Democrat hacks at Fannie and > Freddie used sex, lies and videotape to cook the books, receive > millions in target bonus’s and got congress to look the other way by > bribing Democrats in the senate, “when republicans were in charge” and > by bribing a lot of Democrats when they were in charge. Who said > public service doesn’t pay? As republicans and President Bush were > ringing the bell and shouting fire, democrats and the media minimized > the alarm while shouting, “Racists pigs”. > > Fannie and Freddie currently hold $6 trillion dollars in toxic > mortgages but, that doesn’t tell the whole story. Through the halls of > these evil twins passed $50 trillion dollars in toxic mortgages. These > mortgages were explicitly given to unqualified buyers, bundled > together in hundreds of billions of dollar packages and securities > were sold around the world with the collateral being these toxic, > worthless mortgages. All the while, Democrats fiddled, as the world > burned. As these mortgages defaulted, the securities backed by them > became worthless. Companies holding these securities, overnight had > seen their balance sheets lose trillions. The financial markets went > into freefall. As the tsunami swept through the financials credit > markets froze. Industries hadn’t the ability to short term borrow. > Major stock indexes tanked; oil futures spiraled and even deflation of > macro commodities ensued. It turned out to be an excrement sandwich. > And, it’s only begun. It will get biblical; trust me, I have predicted > this all. > > As expected, Democrats will bail out the car companies, insuring that > they will indeed fail. This will spike unemployment into double digits > and continue the domino sequential falling of economic indicators. > While deflation will headline on the world stage, briefly, our most > merciful government, under the messiah, “Barry O” massive capital > infusions into the economy will rush, “fresh of the printing presses” > into the economy, causing inflation percentages of 1000 percent; > minimum. Prime Fed rates will approach 25% in an effort to curb > inflation. The housing market will be destroyed, along with the seven > or eight hundred businesses’s relying on it. > > A world wide depression will ensue. Yet, it will be a gradual decline; > much like easing into a too hot bathtub. At the height of the second > great depression America will have a 70% unemployment rate. Most > workers, “still employed” will be employed by the government. There > will be a 30% homeless rate and the end of western civilization will > be at hand. In the first great depression America was much more rural, > more self sufficient. Today we are more urban, more dependent on > government, more hapless. We’ve lost that rugged individualism that > our founders embodied and this nation was born with. We are spoiled, > rich and sassy; unable to hunt, to fish, to grow our own food. > Still, pause and reflect if you will, for in every calamity there is a > teachable moment. Perhaps, just perhaps, as the phoenix rises from the > ashes, whenever that future time is, it will be ingrained into the > American psyche and told around the campfires dotted across these > fruited plains. Liberalism is not tenable, it never was. > Conservative Springfield 20 NOV 08 --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
