The market closed on it's low.
By Jim on Oct 10, 2008 | In Uncategorized | Send feedback »
I posted a video on YouTube yesterday demonstrating what I think everyone is feeling. From my perspective this whole thing is overdone and the Bush administration is equally responsible.
The consistent dilution of the dollar since 2001 in a misguided attempt to level the markets internationally. Reinforced with a fear mongering strategy. Bush has lead through ignorance, over-reaction and intimidation and this ‘crisis’ is no different.
When anyone in the administration opens their mouth there is an immediate negative reaction by the markets. We have no confidence Mr. Bush.
No confidence in you or Mr. Cox or ,Mr. Bernanke or Mr. Paulson. They are consummate theoriticians. But they are fools. They have had multiple opportunities since July 07 to head off this crisis. They reacted too slowly and insufficiently. Now we face a greater financial catastrophe than me or my fathers’ generation have ever experienced.
There is no defending the practice of open greed and avarice by the powers that be in the financial industry. But your mishandling is tragic. You were distracted when you should have been focusing on the country.
There is also no defending the flaunting of the laws and regulations that were in place to protect the free market. The social Democrats felt they could use the power of the congress to force socialization of home ownership. They forced the free market to overlook obvious shortcomings of inferior borrowers. This created an artificial bubble in the housing market. Suddenly there were too many buyers and not enough homes. Suddenly a pauper could own a mansion. This was foolishness at its heart and we were all caught in it, all in the name of fairness. Social engineering through legislation is just as misguided from the left as it is from the right.
We will be making a choice between bad and worse this election. All I want to hear from the candidates is the truth. TELL THE BLOODY TRUTH! No more talking points! No more focus groups. No more slanted polls. No more partisan bickering. No more finger pointing.
Get together. Understand that you have created these problems. Both of you. Together.
Fix it, if you can.
Together.
Trackback address for this post
Trackback URL (right click and copy shortcut/link location)
No feedback yet
Leave a comment
| « AAArrrrrrgggggg, Bud won't like this.. | SCRIPT » |