The Continued Global Economic Crises

It is Monday October 6 2008 9:06 am Pacific Time in the USA and our markets have began to continue their downward plunge after the markets in Asia and Europe did a downward spiral on their Monday which is our Sunday. Try to remember that those countries are one day ahead.

I just wonder, since the Bush Administration pushed for and got laxing regulations during most of the 2 terms of Bush, and since the same Financial companies, Banks, and Wall Street corporations all benefited from those laxed regulations thus being able to do their deceitful business transactions with no oversight or accountability, how would throwing tax dollars at them suppose to improve the economy?

I have a hard time with the Bush Administration concept that throwing away 700Billion of tax payers money with the 150Billion of the sweeten deal at the same scrupulous companies and their devious transactions is suppose to improve the economy.

Just HOW does it improve the economy anyway?

Asia and Europe Markets Plung after US 4th Bail Out

It is Sunday, three days after the Congress voted for the 700billion dollar sweeten deal, in the United States but it is Monday in Asia. And in the Far East the Stock Market took a plunge.

In an article written by Alex Kennedy with the Associated Press in Singapore, the Asian and European Markets spiraled downward because they could not trust that the U S government bail out was enough to help the world economic crises.

What? The Europe and Asia Markets could not trust that the US government Bail Out as enough to help the world economic crises?

Why don't they do their own bailing out? Our U S Government is using the money of the tax paying working Middle class United States Citizens to bail out the Financial corporations, the banks and Wall Street. The federal tax dollars are supposed to be used to RUN THE GOVERNMENT not bail out companies. The federal tax dollars are supposed to be used to pay for the Government services that are suppose to be provided to the US Citizens, not given to CEO's. And how does that translate into bailing out the whole world?

You know what Asia and Europe? I have some advice for you. " BAIL YOUR SELVES OUT! " Enough already!

The U S economy is on the brink because of regulations that were altered by the Republicans in the Bush White House Administration.

Maybe you in Asia and Europe also took out regulations that protected the economy, and that could be why your economy is not doing well. Do you want to fix your economy, then put the regulations in your market and corporations to prevent the destruction of the economy as well. Try it, it just might work.

Too bad the Republican Bush Administration had spent most of the last 8 years to do away with those regulations. Wouldn't it be just PEACHY KEEN to see those regulations back in play, fixing the economy?

Sweeten 700Billion Deal

It has been one and a half week of president GW Bush demanding that the Congress approve a 4th bail out bill for the Financial Corporations, Banks and Wall Street. Only this time it was 700Billion tax dollars being decided on.

However, at first the Republicans walked out of the meetings. They refused to approve the 700Billion bail out the way it was written. Of course the Democrats also did not trust the bill that was presented to them because the Democrats wanted regulations and limitations added to it.
But that is not what the Republicans were concerned about and it is not what they wanted added to it. No! The Republicans in the Senate stated they would vote for it if they rewrote it. Well they did, and the Republicans added a lot of pork which has come to be known as the sweet deal.
Yet there was NO REGULATIONS, NO LIMITATIONS, NO RESTRICTIONS, and NO GUARANTEES for the American Tax Paying working middle class people.

The 7 1/2 years of the Republican GW Bush presidency has given us a roller coaster economy EVERY SINGLE YEAR since 2001. Guess Republican Bush just wanted to leave his office with something big to be remembered for in history. And it looks like he got his wish.

The Biggest Bank Failure, Is My Bank!

I just read an article by Charles Herman and Daniel Arnall from September 25, 2008, FDIC: 'WaMu the Largest Bank Failure Ever'. What a surprise. WaMu, short for Washington Mutual, just happens to be my bank. You can bet that it took me by surprise to read it. Especially since I was never given any indications at all that there were any problems. JP Morgan Chase & Co. has bought up the working assets of Washington Mutual. It is the largest Savings and Loan bought for 1.9billion. What a bargain? Considering that it costs American Taxpayers 700 billion to bail out Wall Street. Too bad, we could bail out WaMu for 1.9 billion instead.

There was no impact on the customers and depositors of WaMu. The name will remain the same for now. Washington Mutual did have 307 billion dollars worth of Assets, which made the it possible to save the bank.

Why is this story so important? This story comes at a time when we are already dealing with our government Bailing out the companies, Financial Corporations and Banks of Wall Street for the 4th time within a 7 month period. But this fourth time bail out is using 700 billion dollars of Federal Taxpayer's money.

It makes me very angry and sick. I am especially confused. I always believed, as did most Americans, that our tax dollars paid for our Government and the Services they provide. But how can any of the Services they provide exist if the money is going for Bail out of the CEO's, Financial corporations and the Banks who all made Devious Financial Business Transactions.

We were told that the government passed the Bail out with Oversight attached. I hope there are some strong regulations and ethical restrictions prohibiting the same type of Deceitful Business transactions from ever occurring again.

Oversight Of Bank's Bad Assets

For as long as I can remember, the Republicans have always called for Deregulation. The thought of government looking behind the shoulder of Big Business never sat well with the Republicans. So came the call for Deregulation from the Republicans, Loudly and clearly as they sounded, Nixon, Reagan, Bush Sr., Bush Jr., McCain. Oh yes, Senator McCain has always sound the horn the loudest from the 1980's on.

But McCain did more than sound the horn, in 1999 McCain help sign the bill that did away with only protection that existed since the Great Depression. Yep, there was a bill that was put into law, which contain the rules of ethics for Wall Street. You see it put there after the big crash when a lot of people committed suicide after the total life savings was gone in their investments on Wall Street.

Many will say, but Clinton was president. Yes he was. But the Republicans had control of the Senate. And they finally pulled the ultimate switch and bait on the American people when we were not looking. Now add to that the 8 years of republican Bush that followed, and what we have is a crises waiting to happen.

Maybe they thought it would be when the next administration was up? Or maybe they thought they could hid it? But here we are with 4 bailouts using Taxpayer's money in just 7 months. It sounds ludicrous. I never thought I would ever see the day when Big business of Wall Street and the Financial Corporations along with the Banks would have the gull to demand that our United States government Bail them out with No Regulations to follow, No Restrictions attached, and No Government Oversight. Well The people have spoken, And if they want to be bailed out then it will only be if our Government Looks over their shoulder for now on.

Personally, I would prefer that they fail and fall, loosing all their wealth and money. I like to call it "Tough Love." After all, I do know one thing about the Great Depression. The people to suffered the most were the companies of Wall Street and their investors who put all their savings into the company stocks. Yes the working middle class did suffer somewhat. But after these 8 years of Bush and the Republicans devaluing the jobs of the working middle class, forcing our wages down and sending our jobs overseas, we working middle class do not have far to fall if a Great Depression were to hit again. It would only be the CEO's, companies, and investors who would not do well. A lesson that Today's young and successful Americans who value the market and the 'Get Rich Quick Schemes' were never taught.

National Road Fund Broke In One Month

I just read a news article by LISA STARK and KATE BARRETT Sept. 5, 2008 about the money for the nationwide projects of repairing our roads and bridges being depleted to almost nothing by one month's time. Since drivers are driving less to conserve their gas and save some pocket change because they want to have enough to buy their groceries which has also rose in costs the Department of Transportation are warning that they now have less revenue to pay for the road and bridge repairs across our nation.

Yep, less purchases at the pump means less money in the kettle for our highways. In fact Lisa writes, "the department called for an immediate infusion of $8 billion in tax revenues into the fund. That's precisely what some Democrats in Congress have been trying to do -- and a move that the administration, just six weeks ago, opposed."

But the Transportation Secretary, Mary E Peters a bias Republican, tells us: "Every family understands that constantly spending more than you earn is a recipe for insolvency. Yet many in Congress have refused to apply that same common-sense thinking to the federal program that currently accounts for close to half of all highway and transit investments."

Yet Senator Murray, Democrat stated "It's too bad that it has taken an emergency to force the administration to pull its head out of the sand and appreciate how serious this problem is."

Well, at least the proof that the Democrats in Congress had been trying to do precisely what was needed with the Republican Bush Administration opposing them just six weeks ago is CATALOGED in the Congress Library. Oh, yeah! Too bad Mary E. Peters put her foot in her mouth, and lied flat out because now her words blaming Congress wrongly is also recorded in the news for historical facts of her Republican lies.

Rising Foreclosures And Delinquencies

And just when you thought it was getting better. Well it's not. No!

According to Alan Zibel, an AP Business Writer for on line news, now the blame has been shifted again. Yep instead of it being borrowers with bad credit, now the blame is homeowners with good credit who took out exotic loans with ballooning monthly payments. Well I cannot speak for the other home owners, but I was told that my loan was a 30 year fixed. I did not want an exotic, balloon loan. But unfortunately my husband and I found out too late that the broker for the lenders lied to us. And after our loan was sold to another lender that was when the real problems started to come with the medical bills piling up. Don't you just love it when they LUMP all the homeowners into one category?

In the news Alan writes: The problem that policymakers and Wall Street once assured us was 'contained' to subprime mortgages has proven to be anything but," Mike Larson, a real estate analyst with Weiss Research, said in a research note. Gee, even I new that before I read it in Zibel's news article.

Now we are being warned that this wave of mortgage defaults flooding the market, with homes plunging in value, is expected to continue through the year 2010. One of the faults is loss of income or drop in income with either unemployment, health and medical, or loss of a spouse through death or divorce. And the numbers are climbing with new foreclosures rose from the first quarter in 35 states and Washington, D.C.

There were a few states where the foreclosures declined, but that was because those states passed laws to slow the foreclosures process and give the homeowners time to catch up on their payments.

Yet the blaming continues with the nick name "Liar Loans" because they claim that the incomes were not documented. That is a lie. My husband is a computer contractor who works for different consulting firms for their clients and we do our INCOME TAXES every year. Our income is well documented.

So Go ahead and blame the consumer. After all, we have had eight years of the Bush Administration, the Republican economists experts, and the Business news media who every year have blamed the American consumer for not spending enough. In fact, beginning November and December of 2001, all we got was complaints on how our not spending more was driving down the economy. Too bad we are not given an opportunity to review those news casts from money news on CNN, Fox cable, MSNBC and all the local station news as well along with all the Republican financial experts telling Americans that they should be using their credit cards more.

Yep, these last eight years, each and every year, the Republican financial experts and money news reporters have blamed the financial mess on the American consumers.