After reading the headline in the BBC today “Recession fears drag shares lower” I had to post.
The word “recession” is equal to the word “terrorist” in causing fear/anxiety but unlike “terrorist” is a word the politicians are afraid to actually say. If you look back at how many times the president and everyone else used the word terrorist vs recession the result would most likely be something like 1 billion to zero.
Instead, they simply changed the vocabulary to “slow down.”
To add insult to injury Bush/McCain keep telling us “the Economic situation is stable,” while the President keeps telling us everything is OK while all hell has broken loose. The DJI has lost a quarter of it’s value, the housing/credit markets are in shambles, unemployment keeps rising, people have lost a good chunk of their retirement savings and so on and so on. Further, private banking institutions have been bailed out with public money to the tune of a zillion dollars which makes a mockery of our “Capitalist System,” yet EVERYTHING IS JUST DANDY!!!???
As if anything the President says holds any weight anymore. Why does he even bother making such stupid statements? It seems to have the opposite effect!!!! Just yesterday the headline was “President reassures Americans on the economy,” and today the DJI loses 300 points!! Mr. President,,, please HUSH!!
We have had Capitalism drilled into our brains ever since we were born. Now, with banks being bailed out,, aren’t we now socialist? Public money for private sector screw-ups… This baffles me. Those institutions were extremely greedy which caused their recklessness and who gets hurt the most? The common person because he/she has her money tied up in this crap.
The new business model is take on as much risk as you can to make insane profits with other peoples money and should things go to hell, the common man will lose, write his/her congressman and the government will bail out the institution. Who wins? Those that took the risk, made a ton of money and left the common person high and dry.
How did this happen? Well, according to the President “Wall Street got drunk!!!” This would be extremely hilarious if it wasn’t so serious. I propose from here on out we ban any sale of alcohol in the entire state of New York. If a banker tries to conceal a flask, he should be drawn and quartered.
Luckily for me, I have very little in the stock market and do not currently own a home. I also do not have much in a pension scheme so this “crisis” affects me very little.
On the news a few days ago, they were talking about how credit card companies can lower the credit limit of individuals without any notice or warning. These individuals were then complaining about how it is akin to taking their own money!!! This is CREDIT people, not your money, is money you do not have and are not entitled to! What happened to the notion of spending money you have? What happened to saving your pennies, and using that accumulated cash to purchase what you wish? When did credit become an absolute necessity?? Well, it became so when people got used to it and not paying their bills which lead to profits for the credit card companies who in turn marketed their cards like crazy, people got more cards which led to more debt!!!
So what impression has all this nonsense left on a relatively young person like me? Well, as mentioned in an earlier post, I can never vote for a Republican again and now I am leaning more towards Socialism!! I blame the banks/brokerage houses for this mess because the common person cannot understand that debt is a bad thing. Therefore, we either need to be a Socialist country with more regulation for the institutions or we need to let them fall flat when they fail. I am not comfortable with pretending to be Capitalist when it is a farce. All or nothing, no hypocrisy please!