Where are we now?
Now that the dust has settled from a whirlwind election, and people are teetering on the brink of coming up with a good idea to fix the economy and playing the blame game (lets start with Billary Clinton) Lets see where we are.
Only to point out what I am sure nobody else noticed, Barak Obama is black. Kind of. Like 25 percent. Surprised to find that out? Me too.
This does have some relevance to what I have to say.
I was having a conversation with a good friend of mine (black) and I quote ‘I am tired of seeing the same old rich white guy in office. Maybe with somebody, like Obama, things will change.’ I don’t get what he saw. I do, however, see a president that is taking his tips from the same book that all of the other Presidents of the USA went by. Throw money at it and hope for the best. Oh, lets not forget, blame George Bush. Blame the failed policies of the previous administration. I know who to blame. The people of the U.S.. The people that used their homes as ATM machines to go buy cars and clothes. I thought the American dream was to buy a nice house, raise your children, pay off your home in enough time to retire and then enjoy the golden years. Nope, we all needed more.
The FED also really dropped the ball. BAD. Not too many people remember the Glass-Steagall Act of 1933 that was created to regulate speculation by banks. Look it up and educate yourself a bit (www.investopedia.com). The Gramm-Leach-Bliley Act of 1999 repealed the Glass Steagall act and banks and investment firms didn’t know what to do. They were like kids in a candy store with somebody else’s money. Unfortunately through real estate speculation , banks were allowed to give false hope and direction on the real estate market with these now toxic assets that we as taxpayers are being forced to buy back. Look, these companies failed. Let them go away and make room for a new company that will follow the rules, not hand bad banks and insurance giants more money. Its like giving a Harvard scholarship to the kid that dropped out of High School!?!
So what I am getting at is I want to hear what the average, every day Joe the American (no plumbers) think about how we should handle this. What would you say to Obama or the used car salesman (Joe Biden) if you had a sit down one on one with them. What would you recommend to Timothy Geithner? Or does everybody out there really believe that this was W’s fault.
I don’t like W too much either so don’t think I am siding with him. Obama wanted this mess and well, he’s got it. Congratulations.
Oh, and welcome back to downwardnation.com
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