The Highly Suspicious "No" Vote

Washington, DC, Sep 29th, 2008 -- Remember the date! Today we saw the worst excesses of Neo Conservative Ideology get in the way of saving the nation's financial and credit system.

The same group that have burdened generations with debt to Communist China, a war that can't be won, and another that can be lost, collapse of the housing market, 600,000 out of work and the looming collapse of Wall Street and the Credit Markets. Way to go Bushies!

If only we had Democrats with spines instead of jelly then we would have a chance. But worse than the Democrats are the right wing Republicans who got offended with the words of Speaker Pelosi and threw a Hissy Fit. Grow Up!

Now being around politicians for over 25 years makes me suspicious of their motives, and the desire to dig deeper.

I don't believe Bush when he claims a decision is needed that afternoon, or else..... Armageddon. He pulled that stunt over Iraq and look at the mess it caused. Few of his policies stand scrutiny, and with an obliging Congress, Republican and Democrat that was never a problem, they weren't scrutinized.

The fundemental issue is that nobody knows how serious the fraud and speculation underlying the sub-prime mortgage racket actually is, and how much it will cost to repair. Maybe it's a fraction of $750 billion, or maybe that is an underestimate and the United Sates will become a Third World country by the end of the decade. Yes it could be that serious.

The US does not manufacture much any more, instead relies on profits from speculation, junk bonds and being an consumer nation for the rest of the world. The only real manufacture is weapons of war and entertainment. Strange bedfellows. The need to prevent a meltdown is therefore of the utmost importance.

What makes me wonder is that all this happened in September/October prior to the most important election for decades, probably since the days of the Founding Fathers. There is an aroma of political fixing in the air.

There could be an overnight fix for Wall Street by creating new accountancy write down provisions that allowed them to encapsulate the sub prime losses, and move them off their balance sheet to be paid down over 20 years. The unknown size of the problem is also suspicious for accountants usually can get their hands around a numerical problem pretty quickly. Was this all geared to a NO vote followed by the real plan for Wall Street. Only time will tell. The fact that the vote occured the day before a Jewish holiday was absolutely no reason to send Congress away for a couple of days, and allow the media to whip up a feeding frenzy. Would they close down Congress for Budhist, Islamic or Hindu holidays when the entire financial structure of the nation is at risk?

One can only guess that the Senate will debate a new improved plan on hursday, and in a highly publicized show of bipartisan unity will announce the result Thursday night, to take the public attention of Gov. Sarah Palin making an absolute fool of herself in the debate. McCain tried it last week with his fake cancelling of his campaign and flying back to take charge. Reminds one of Al Haigh after President Reagan was shot.

The consequences of a financial collapse on the man in the street just can't be appreciated thanks to the sensational mis reporting by the popular TV news networks.If the credit markets stall then we have a DEPRESSION and Soup Kitchens, supplied by President Chavez of Venuzuela. The Age of Capitalism has already ended with the Nationalization of Fannie Mae and Freddie Mac. You also have Socialized Medicine and Healthcare for Veterans and Members of Congress, and the huge farming subsidies rival any in socialist countries.

It's about time the politicians stopped dreaming about failed ideologies and started looking after the people, and the small businesses that form the growth engine of the economy.

 

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