Monday, September 29, 2008
Some people have blamed those who oppose the bailout for the crash in the stock market. Are they right?
Well, first of all, the overwhelming majority of Americans rejected the bailout. So if you start trashing those who opposed the bailout, your dissing America.
Second, most experts who have looked at the bailout say it won't work, and will actually make the economic crisis worse.
Third, the bailout doesn't address the fundamental issues which need to be addressed to actually stabilize the U.S. economy, such as the trillions of dollars being spent in Iraq and the phony war on terror, the national debt, derivatives, lack of savings, the loss of our manufacturing base, the fact that the wealthiest people have collected all of the poker chips so that regular people can't keep playing, and gaming of the markets by the super-rich and the government.
And last but not least, investors who are dumping stocks because a quick "fix" wasn't approved don't understand what is going on. hey don't understand the real, fundamental problems with the economy. For example:
- They don't get that America is broke due to spending trillions in Iraq and trillions more in the phony war on terror, and the bailout would only make matters worse.
- They don't understand that unless the derivatives bomb is diffused, it will take out the world's economy when it explodes, bailout or no.
- They haven't learned that speculation is not real economic growth, and that until America restores its productive economy, it will remain a house of cards in a storm
Are those who oppose the bailout responsible for the stock market crash?
No . . . those who got us into Iraq and the war on terror based on lies, who have run up the national debt into the stratosphere, those who hawked derivatives as a safe bet (including Alan Greenspan), those who have encouraged borrowing instead of saving, those who argued it was good for America to ship our manufacturing jobs overseas, those who have been so greedy that they've taken all the chips, and those who have been gaming the markets are responsible.