|OPINION AND COMMENT by Bob Weaver|
The United States of America is in deep trouble.
The economy is in a tailspin, with collapse after collapse.
Trillions of dollars "lost" in the US and world markets.
Beyond the loss of jobs, investor dividends, shaky retirement programs, the nation's college students have just learned that student loans have been stopped because of the fall.
It has been building for several years, the country's financial leaders espousing free and unbridled markets.
Therein comes one of the seven deadly sins - greed.
Now the free market folks have all become socialists, desperately wanting the US taxpayers to bail them out.
The Bush administration, with the help of John McCain, removed most of the oversight of money markets, letting the marketplace have its' way.
In the turmoil of the Great Depression, those who greed-mongered jumped from skyscrapers for their wrongdoing and failure.
Now they have golden parachutes, amounting to millions of dollars to lessen their fall.
So where are those trillions of dollars, now declared lost?
No one is saying, nor will they.
McCain says Obama is at fault, and he now wants to become that which he once declared off-limits - a regulator.
China called in their paper that AIG owed them, while the US government will now be looking to China to loan them some cash to cover their takeovers, that money to be paid back by American taxpayers.
The American dollar is in the pits.
What a mess.
Perhaps most distressing this week was McCain's oft-repeated statement "America's economy is fundamentally sound."
Surely he has an altered state of reality, and he's an insider.
Beyond the politics and the greed, if the right moves are not made in the next few days, the USA will sink to a level that will make the Great Depression look like an inconvenience.
At the very least, the unholy marriage of multi-national corporations and a federal government that has bowed to their greedy plans.
All of this while most American voters have been focused on God, guns, gays, abortion and the like - asleep to those who have had their way with us.
Perhaps another downside, another slide in the American people's confidence for those who we try to believe are minding the store.
WHILE YOU WERE SLEEPING - A $53 Trillion Debt? (08/27/2008)
OPINION AND COMMENT by Bob Weaver
While presidential candidates are massaging voters with 24/7 coverage of their innermost thoughts and shortcomings, there is little discussion about the nation's red ink.
Most of us who have been members of the Democrat party have relied on the wisdom of right-wing conservatives to bring some checks and balances to the nation.
That's long gone.
Strangely, it was the Democrat party that reeled-in deficits, before George and his associates got on board.
There is plenty of blame to be shared by Congress and even Democrats.
The national debt has soared to a mind-boggling $9.6 trillion, with lenders like China holding the credit card.
Former US controller David Walker says the government debt total is about $53 trillion.
Billionaire Pete Peterson, in the just released documentary "I.O.U.S.A." says that about 70% of all US debt is now owed to foreign investors.
Walker claims that baby boomer's, Social Security, Medicare, Medicaid and government subsidized health care costs will likely push the national debt another 250% by 2040.
The now-forgotten war in Iraq, based on a series of "government misinterpretations" has cost over $600 billion.
Bush's White House just announced the latest national deficit is nearing a half-trillion dollars.
Trillions of dollars have been spent on government give-aways to big business, mostly tax breaks to the wealthy.
Then there is the globalization of much of America's work force and a glaring trade deficit, mostly because the US is producing less and less.
Then there is the enormity of the National Debt.
The global "free trade" market has forced America's workers to compete with foreign workers that are paid a fraction of the lowest American wages, with most of those jobs having no health or retirement benefits.
We're told we must learn to compete on this un-level playing field.
All of this, while you were sleeping.