Tuesday, September 30, 2008

Republicans Break the Bank

The House of Representatives narrowly defeated the 700 Million dollar Bailout Proposal submitted by the President and The Secretary of The Treasury and modified by the Congress. Pressure from the American People prevented this Bill from passing. Luckily it is an election year and the Congress fears for their seats. If this had not been an election year, this Bill most likely would have sailed through without a thought about what the American People think.

Senator McCain quickly grabbed a hold of the Bailout as a Political trick to enhance his failing Campaign. Although it is obvious to most of the American Public that McCain was politicizing the effort he continually tried to project that upon Senator Obama. Mr. McCain went so far as to blame the defeat on Senator Obama while House Republicans blamed the defeat on a speech by Speaker Pelosi before the vote.

In the speech Ms, Pelosi laid out the facts, the Bush Administration took power with a record surplus that was projected to grow exponentially into the trillions of dollars by 2008. Instead the Bush Administration manged to waste the Budget Surplus and create the largest deflect in our Nation's History. The House Republicans now want the American People to believe that the economic failure that we are now faced with is the result of Bills passed during the Clinton Administration. Eight years after seizing the Federal Government the Bush Administration still refuses to take any responsibility for the economic ills of the Country.

Now matter if you are a Democrat or a Republican, most People felt betrayed and disgusted by the proposed Bailout Bill. The American People can not understand why we have to bailout banks that have been charging excessive fees and interest rates while their executives pay themselves millions of dollars in salaries and bonuses.

Although McCain would like to blame Senator Obama and the House Republicans would like to blame the Clinton Administration the truth is that the Iraq War and the economic policies of the Bush Administration are the causes of the current crisis.

Since the Bush Administration has come into power the middle class has lost a constant percentage of their income in each of the last 7 years and have suffered under raising commodity prices most especially energy prices. This erosion of the buying power of the middle class and the treasure that is squandered in Iraq in support of oil interests are the culprits in this financial collapse. There would not have been an excessive amount of mortgage foreclosures if the economic base of the American Middle Class had continued to grow and if the Republican Administration of the George Bush and Dick Chaney had forced the regulatory agencies under their control to actually regulate the excessive interest increases in mortgages and credit cards. If the money wasted in Iraq had been put to work in AMERICA, the American Economy would have grown.

Senator McCain still trying to project the failed policies of the Republicans onto the Democrats and most especially Barack Obama fails to take the responsibility for his party's economic philosophy and policies which have failed America and the American People. Maybe he should have Governor Palin explain the economic intricacies of the failure to the American People being that he has enough faith in her to put her in line for the Presidency. Maybe Governor Palin can explain to the American People the relationship between the decaying middle class buying power and the money poured out of our Nation and into Iraq and the current crisis, I'm sure she will have an inherent grasp on the situation just as she understands foreign policy because she lives next to two countries.
Add to Google

No comments: