GROWING ECONOMIC CRISIS FACING AMERICANS
By
Frosty Wooldridge
July 24, 2008
NewsWithViews.com
Not enough lipstick on this pig!
Can you define inept? How about incompetent? Ever hear of the word bungling? What about The Peter Principle? Try this on for size: systemic corruption?
Does Fannie Mae or Freddie Mac hit a nervous cord? What if you stored your money at IndyMac Bank?
Last week, a plunging stock market, bank failure, thousands of mortgage foreclosures and accelerating job losses at United Air Lines as well as Ford and GM—set Americans on edge.
“The centerpiece of the administration’s efforts was Treasury Secretary Hank Paulson’s plan to shore up Fannie Mae and Freddie Mac that together guarantee $5 trillion of mortgage debt, which investors fear could collapse because of bad home loans and diving housing prices,” said editors at The Week, July 25, 2008. “Financial markets were shaken when depositors clamored to retrieve funds from IndyMac Bank that was seized by federal regulators. The dollar hit a record low against the Euro.”
In Denver, HUD housing suffers from tens of thousands of illegal aliens leeching into taxpayer funded low-income homes. Thousands of illegally brokered and corrupt bank loans to illegal aliens resulted in a ‘foreclosure run’ on homes in Denver. California, where IndyMac failed, suffers four million illegal aliens operating outside the law. Yet, brokers and banks hand out fraudulent home loans guaranteed to fail.
Why? In the third world, corruption becomes a mechanism by which a society operates. Once entrenched, fraud inculcates every aspect of citizens and how they operate. Let’s use Mexico as a prime example. It runs on graft, fraud, crime, ‘mordido’ (bribery), elites’ primacy and maintains dominance by not educating the lower classes. Additionally, it manifests in political leaders, businesses and education.
With between 20 to 30 million illegal aliens inhabiting the United States in 2008, can you imagine the amount of corruption that must be maintained to keep them here. To begin with, employers of illegal aliens must lie about Social Security numbers, thus advancing massive forgeries and fraud. Employers pay under the table, thus escaping taxes, FICA or benefits. Millions of U.S. jobs vanish into the hands of illegals. Foreign nationals drive cars without licenses or insurance, thus, raising insurance rates and taxes for all legal American drivers. Illegals use American hospitals for free, thus Americans’ insurance rates must cover the uninsured users. Illegals tap into our school systems as well as our prisons at a cost of billions of dollars.
What happens when you build a house with cards?
David Ignatius of The Washington Post said, “The bank industry is going up in flames…while the Treasury Department goes around hosing down every new fire with taxpayer’s money.”
What about corruption? Vice covers this crisis like micro-waved cheddar cheese dripping all over salmonella infected burrito!
Joshua Rosner of Financial Times said, “The profligate use of tens of billions of federal dollars to rescue bad banks has created rising inflation and a debased U.S. dollar. By the time we are finished with this tragic period in U.S. economic history, capitalism will be on its knees, laid low by poor policy decisions and the nationalization of bad assets.”
Andrew Leonard at Salon.com said, “The U.S. faces its most serious economic crisis since 1932.”
Remember Neil Bush with the Denver, Colorado Silverado scandal? Today, George Bush freed banking, mortgage and financial industries to do what they pleased. What do foxes do when let loose in a hen house with an open gate?
American workers cannot afford unregulated markets by scoundrels that continue their fleecing of our hard earned taxes. Too many foxes!
Federal Reserve (in itself a self-serving organization for bankers) Chairman Ben Bernanke said there is no end in sight for the ongoing economic downturn. For most Americans that means more pain ahead.
“There’s not enough lipstick to put on this pig,” said economist Richard Moody.
While all this economic chaos accelerates, we import 182,000 legal and illegal immigrants from third world countries into the USA every 30 days, month in and month out, year in and year out. They lack skills, they lack jobs, and they lack educations! They total over 2.4 million annually. How many immigrants arrive monthly? Take two Pasadena Rose Bowls filled up, then tipped out into America every month! Those newcomers undermine any chance for Americans to gain jobs, homes and stability.
In the meantime, 28 million Americans live on food stamps. American men and women lose 1,000 manufacturing jobs weekly in the ‘Rust Belt’ to outsourcing, insourcing and offshoring. Twenty million illegal aliens displace American workers while they degrade wages for the rest of us. We pay out $12 billion monthly for the fraudulent Iraq War. We pay $400 million daily in interest to service our $9.4 trillion federal debt. We pay $346 billion for services at the federal level for illegal aliens annually. Several experts say taxpayers shell out over $1 trillion for all illegal alien activity at the state and local levels--annually. All the while, the average American credit card holder with a $9,240 balance (debt).
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With $4.00 a gallon gas, how do you feel about Bush and company driving America over a cliff? What does he use for fuel? Answer: corruption, incompetence, violation of the Constitution and a growing third world momentum within our own country.
