Monday, September 15, 2008
The Second Republican Great Depression
I'll get back to Martial Arts very soon, I promise.
--But today is the start of the "Crash".
The other day I read a blog entry by a very nice lady, a family person with a young professional husband. She is a McCain/Palin supporter who commented that she has prospered under the eight years of the Cheney administration. Her only complaint seemed to be the rising price of gas. Everything else in her world view was just fine.
Obviously, some people remain insulated from the tremendously bad times we are approaching. Their kids are too young to fight in the Republican wars. They benifeted from a good college education. They can afford a new house when the market is overloaded with empty, available housing from the hard financial times their neighbors have experianced.
Bottom line is, the shit has hit the fan. The Republicans, specificly John McCain's economic advisor Phil Grahm have engineered the deregulation of financial markets that have now begun to collapse. They hid the scheme well, and the wealth of the country steadily poored upward into the pockets of the wealthiest people in America.
--By all indications, this is just the beginning. Alan Greenspan (who helped put many of these bad policies in motion) has said this looks like a "Once in a century event". Let's see what the ripple is when the Asian markets weigh in.
Here's a summary:
A Return to Black Monday
Published 09/15/08 Craig Harrington - Print Article
E-mail - firstname.lastname@example.org
Wall Street stumbled mightily over the weekend with the simultaneous sale of Merrill Lynch to Bank of America and the bankruptcy filing of Lehman Brothers Holdings, according to The New York Times.
Another crisis looms on the horizon with American International Group (AIG) days away from bankruptcy. The last time Wall Street firms were in such dire straights was Oct. 19, 1987, Black Monday, when the Dow Jones fell 22 percent and several prominent firms collapsed under the weight of losses. Last month Harvard University professor Kenneth Rogoff predicted that the worst was yet to come in the U.S. financial sector. Many investors had hoped that the crisis was nearing its end, but the events of the last few days have proven otherwise.
***Here's a link to follow