Henry Paulson, George W. Bush, the Republcian Party and the Continued Destruction of the United States Economy--A draft

The Bush administration is looking at another $800 billion dollar income transfer scheme to give rich investors via government purchases of Citigroup Stock, as well the buying of bad mortgage debt from this and other banks. This is called extreme socialism for the affluent, the base of the Republican Party, as well as of many Democrats.

Two days ago, I received an unsolicited preapproved loan from Wells Fargo, which I have chosen not to accept. It makes me wonder if the credit crisis is real, and the answer is that it is not. Paulson, Bush and Obama are fighting an illusion with borrowed money that may send this country into bankruptcy.

Buying stock in Citigroup is intended to push up its stock price, which helps only rich investors. The same holds true when the government takes on the bad mortgage debt of banks.

However, the obvious thing to do is to purchase the bad mortgages, and then provide favorable terms to home buyers, but that's not what's going on here, unless Paulson and Bush are incredibly stupid. They are robbing everybody's future social security, medicare and medicade payments. When those debts come due, Republicans and Democrats will turn around and tell us the government doesn't have the money, although they can borrow trillions of dollars and bail out the rich. They'll never have a few extra billion for hard working citizens, unless it will avert violent revolution.

What Paulson and Bush are doing should demonstrate how much the Republican Party and its base of "the have and the have mores" are freeloading parasites on the rest of us.

As for the real problem plaguing us, so much money and wealth have been transfered from working people to the rich over the last thirty years, we can't afford to buy things even if the money is available. Espeically now that the equity in our homes is being destroyed. We can't stupidly borrow against our homes anymore, or if we're barely making payments on our bills now.

I didn't borrow against my house, and maybe that's why Wells Fargo is so desperate to give me a loan at zero percent interst for the next year, and less than five percent afterwards for the life of the loan.

The real problem is that wages and salaries have dropped during the Republican reign of lies, fraud and deceit (aided by the Democrats and their leaders Pelosi and Reid), and we can't afford to borrow more money in the aggregate to keep the economy afloat.

So it doesn't matter if there's money to borrow or not, because we are unable to do so in sufficient amounts to keep the economy growing. The only way to do that is to establish an economic climate, much like the New Deal, in which wages and salaries grow in real terms.

Otherwise, Paulson and Bush are just throwing good money after bad; and perhaps that's their intent; rob from the working folks and give to the rich.

Barney Frank has it Right!

Finally! Someone is talking sanity during our national economic crisis. Intelligent ideas are obviously not coming from the intellectual crackheads of far right institutes, like the Cato Institute or the Heritage Foundation. Instead, the Democrats are rocking intelligently with a proposed trillion dollar economic stimulus plan. In The Rigged Game, I mentioned that President Bush made all the wrong moves when it came to combating the effects of the recession of 2001. The downturn began and ended in 2001, but the negative impacts lasted at least until late in 2004.

State and local governments have to balance their budgets. So from 2001 to 2004, those governments experienced reductions in tax revenues. This forced them to slash programs and lay-off employees; they had to hack wages and salaries. When the governor’s of several states pleaded with him for federal assistance, Bush was simply too stupid or too uncaring and turned them down.

Bush probably rebuffed their requests because he is a conservative sociopath, as well as something of a psychopath. In other words, his ideology told him those government employees were not rich, and his government prefers to only help the affluent; and of course, as a noted sociopath, he didn’t care what happened to the little people that couldn’t do him any favors.

Now the Democrats, led by Congressman Barney Frank, are seeking to reverse the stupidity of Bush by seeking to give a trillion dollar booster shot to the economy; and one of those ways is to shove some of that borrowed money to state and local governments to combat the effects of what should be labeled "The Nightmare Created by George W Bush and the Republican Party." This economic calamity should be deep.

By all accounts, the economic system has not been threatened with as much financial ruin since the Great Depression; and that was caused by another batch of Republicans during the nineteen-twenties operating on the same ideological principals as Bush and his gang.

Under the Democratic plan, hundreds of billions of borrowed dollars will be funneled toward state and local governments. This should keep their employees working and local and state programs doing what they’re supposed to be doing: helping people. And this cash flow will act as a brake, slowing the economic descent, and possibly even preventing it from reaching the bottom, wherever that may be.

In other news:

In September 2007, based on my book, The Rigged Game: Corporate America and a People Betrayed, I made several predictions:

A recession would hit between the autumn of 2007 and the following summer for example.

Another prediction I made back then included home mortgage interest rates will drop below five percent, and possibly four percent. That’s not an indication of a healthy economy; rather it’s a sign of how weak it is. In his rush to enverate the economy Bush and his gang were aided by many corporate Democrats like the Clintons, Nancy Pelosi and Harry Reid.

The political establishment of the Republicans and Democrats continue to try bail out what shouldn’t be bailed out: rich folks. All they’re doing is leading us into bankruptcy and likely leading us to defeat at the hands of al-Qaida. That will be the first time a criminal organization centered in the White House, aided and abetted by their lackies in congress, will have led this nation to defeat at the hands of another band of criminals and their lackies.

Conservative radio talk show Lars Larsen continues to demonstrate his remarkable ignorance. A couple of days ago, he insisted the Carter years 1976-1980 were worse than today. How stupid! Last I looked, this is a guy who has a full size replica of George W. Bush standing near him on the television broadcast of his radio show. Apparently, he doesn’t listen to a word of what the president says. Maybe that's why he is so ignorant. Bush, his Treasury Secretary, and his head of the Federal Reserve Bank, all call the current financial crisis the nastiest since the Great Depression.

Lars told a caller a month or so ago that yellow cake uranium was discovered in Iraq. He didn’t say when or by whom, but the conversation indicated he was talking about after the U.S. invasion. Is Lars totally ignorant, a liar, or something else? Because he isn't telling the truth. Maybe he just listens to too much right-wing talk radio.