HarryG's BLOG

These are scary economic times for U.S.

I am truly worried about the next couple of years' U.S. economy. I watched The Bill Maher Show on HBO Friday night, and two U.S. Representatives said on national TV that most Americans do not realize just how close to national bankrupty our national economy is, that it is very "fragile" at present. I also read that several of our country's largest financial institutions/banks were insolvent, according to the NY Times. They will either have to declare bankrupty or be nationalized by the federal government. Then just today I read where Citibank is trying to negotiate for the federal government to become 40 % owners. Wall Street investors are bailing out of the market, according to the headlines, causing it to fall to its lowest point since 1997. The government acts like they are surprised that investors have not responded better to the recent bailout. Well, from what I read and have heard on 60 Minutes, the bankers do not even know for certain just how big a deficit/loss is involved with the big banks because no regulation means they never have had to report their exact deficit figures to any government agency and even the banks have no clear idea of the total figure. Some estimates are upwards of forty to fifty trillion $$. Insiders have no confidence that the bailouts can save many institutions because $1+ trillion from the government to these banks is a mere drop in their deficit bucket, and the government cannot possibly afford to give them 40 trillion $$$. Plus there will still be hundreds of thousands of jobs lost in the coming year, maybe more if several national banks and the Big-3 car manufacturers go bankrupt. Then there is still the housing crisis, with millions of foreclosures impending. Plus the health care costs for those now unemployed and uninsured. On and on, the economic picture for 2009 is dismal at best. And what if China and other foreign countries that have been allowed to buy up America suddenly demand payment on all the loans given to U.S. companies, etc. The U.S. dollar would become virtually worthless in international trading. Heaven help the U.S.A.! I don't think the average American has yet realized how dire the current economic crisis truly is.

I will quite interested to see what President Obama has to say in his national TV address tonight. I hope he tells it like it is.

The Republican rebuttal will be given by Piyush Jindal, who calls himself "Bobby", the current governor of Louisiana. Jindal is so busy running for President in 2012 that he seems to be out of state more than in-state. He is the Republican heir-apparent, so designated by the true Republican Party leader Rush Limbaugh, that ex-druggy hypocrit. Jindal is pure ambition; he will do or say anything the party leaders want him to since he is trying so hard to win the presidential nomination. Watch his mouth move with the Republican leaderships' hands up his back.

I truly do not understand the Republican Party. First Bush ruins the economy and has the first huge multi-billion $$$ bailout for the bankers, who then turn around and give billions of $$ in bonuses to bank company executives, remodel offices, take lavish trips, etc. since no accounting or regulations were included on how the money must be spent. Bush's bailout was certainly the first step toward nationalizing the banks and toward going down the road to socialism. But now, the Republicans are acting like they did not cause this economic disaster but somehow it belongs solely to Obama and the Democrats. What short and selective memories these Republicans have!  Rather than try to help save millions of jobs, prevent home foreclosures, and rebuild America's failing infrastructure with the Obama bailout, all the Republicans in Congress save three Representatives from the Northeastern states voted NO, trying to block it. I guess it is okay with Republicans to bail out bank executives but to hell with working people across America. A good Republican should be rich enough not to need government help, I guess...unless he is a multi-millionaire banker. The Rupublican Party cares not one whit about this great country of ours. All they care about is hoping Obama's efforts fail so they will have a stronger campaign issue come the 2010 Congressional elections and then the 2012 Presidentail election. They are willing for America to suffer, maybe collapse economically, just so they can get returned to power. All I have to say is "Shame on the Republican Party!" I hope most Americans see them and what they are doing for what it is. They spit on Obama's gallant efforts at bi-partisanship. They are willing to spit on the American working class. Wake up, America! Don't let those..uh, gentlemen, get away with turning their backs on bailing out jobs, homes, roads & bridges, etc.
Remember their votes and actions well this next year while America's economy suffers and falters. They will be smiling in glee watching it. Remember them in the coming 2010 & 2012 elections. It will be your turn to vote NO on them.

I hope everyone watches President Obama's speech tonight!