Have you heard this statement lately: We are in the’ worst economic crisis since the Great Depression?’ Does anyone recall Jimmy Carter’s presidency (12 percent inflation rate and 7.7 percent unemployment)?
The fact is that this’ kind of speech is purely Democratic rhetoric and horrible for the county. However, we are in a serious credit crisis and just last week, the stock market dropped almost 20 percent.
Sixty-seven percent of American citizens’ are invested in the market. Their’ portfolios for the last five years have deteriorated in just two weeks! The cause?
Here it is in a nutshell – it all started in the last quarter of 2007. The subprime mortgage crisis was exposed. People faulted on their mortgages, leaving banks out to dry. As a result, bank revenue decreased, causing banks to withhold funds from their normal everyday operations, and the credit crunch began. The illustration of the crisis took hold when mortgage giants, Fannie Mae and Freddie Mac, failed, forcing the government to buy them up. Homes were foreclosed, businesses failed, the government bailed them out, people lost their jobs, and the stock market dramatically followed suit.
I’m sure my counterpart will have you believe that it is all the fault of the Bush’ administration and their policy of deregulation. First, and foremost, it was the Security and Exchange Commission’s’ failure of oversight, not deregulation that caused the Wall Street crisis.
They are going to try to pound away at the fact that Republicans’ have controlled the White’ House and Congress for the last eight years. They may even mention Bush’s 25 percent approval rating.
However, the fact is that Democrats have controlled both the House of Representatives and the Senate since 2006. Where have they been in all of this? Right smack in the middle of it.
We are in this mess because of the failure of the Democratically controlled Congress and’ people like Rep. Barney Frank (D-Mass.) and Sen. Chris Dodd (D-Conn.), who are both the heads of the banking and financing committees.
Frank said all year that Fannie and Freddie were sound investments, obviously misleading investors. He purely blames Wall Street and takes no blame.
What he doesn’t say is that he had a romantic relationship with top Fannie exec, Herb Moses and received $40,000 in campaign funding from the source. He sold out America.
Dodd is the largest recipient of money contributions from F’amp;F, and failed to take action and alert the American people.
Now, let’s get to the presidential race.
John McCain had warned about the dangers of F’amp;F and the problems with SEC regulations. He has called for reform of the SEC and will make it a top priority. He plans to take $300 billion out of the $700 billion bailout plan to take hold of mortgages and keep families in their homes.
He also plans to keep taxes steady and launch America into energy independence by creating new markets and millions of jobs.
Barack Obama plans to raise taxes. He is lying when he says that 95 percent of Americans will receive tax cuts. There is just not enough money to support his tax cuts and his socialistic health care plan. Neither of which he plans to give up.
You do not raise taxes in times of economic crisis, especially not on small businesses and corporations, who employ American workers. You know who the last person was to raise taxes on such entities during times of economic crisis? Herbert Hoover in 1929. I think history can tell us the impact of that!
Leave a Reply