Let me start out by saying I know NOTHING about the financial sector. I am merely stating what I have witnessed transpire in the recent weeks. 11 banks our down and out with 90 more on a FED watch list. As I have stated in one of my earlier posts this all comes down to greed. People who had NO business getting a loan were allowed to, the banker got his or her commission and the CEO got massive bonuses while the whole fucking company went down the shitter. The person that got the loan that shouldn’t have now can’t pay it off, then the bank loses that money when the loanee declares bankruptcy. Who cleans up the mess? The federal government and in turn that mess is handed down to the taxpayers to pay off. This just doesn’t work and with an administration on it’s last leg that still won’t tell the truth, the American people are left in the dark. This administration tells us that the inflation rate is around 5%. That sounds reasonable but when you calculate in the cost of gas and other factors the inflation rate is much closer to 13%. I have no way of backing up that claim so take it with a grain of salt.
When Fanny Mae and Freddy Mac bit the bullet they would have created a larger disturbance in the world economy than if the entire nation of United Kingdom had gone bankrupt. Again I heard this from my high school economics teacher so take this factoid with a grain of salt also. So the FED cleans up the mess and in turn hand the invoice to the American people to pay. We are in serious trouble and clearly financial collapse is imminent. I really hope it isn’t but when more banks are going bankrupt now than they did prior to the Great Depression something is clearly wrong.
Whatever does happen isn’t entirely President Bush’s fault. These problems we face have been mounting for decades and just so happened to explode under this failed president’s administration. That said, no one under his administration has helped these problems and a war that is still droning on to increase our deficit doesn’t help.
If nothing else can be said, it can be said these are interesting times. I hate that I have to become a contributing member of society and start my career just as this great nation and possible the whole fucking world go down the drain. C’est la vie!
Tags: administration, banks, bush, failed, FED, financial, loans, market, sucks, tax
