Monday, March 2, 2009

Citi, Ford and GM are Penny Stocks

The rage before in the mid 1980's on the stock market was trading in what was then referred to as "penny stocks". These stocks were basically start up companies that could be bought for a couple of dollars a share, and because of the media hype and stockbrokers pushing and churning them to their clients they would go up a large percentage in a couple of weeks. Of course like all fads on Wall Street this soon came to an end when too many average people lost their savings in these ventures.

After Eight Years of Republican Rule under the Bush Administration which squandered the Nation's Wealth on invasions and occupations of Sovereign Nations, refused to keep a watchful eye on the Financial Markets, and in fact discouraged government regulatory agencies from forcing compliance, coupled with their quest for deregulation and tax cuts for Corporations and Wealthy Individuals, we know can look at a New York Stock Exchange listing that includes the biggest names in America's Corporate history trading at the level of "penny stocks". You can buy a share of Citi, GM, and Ford for less than the cost of a gossip magazine at the supermarket checkout. So one again, the average person who placed their trust in the investment system putting their retirement dreams and hopes, their children's college funds and their savings into Funds and Stocks are again wiped out.

While all of this continues to play out, (it's not over yet), the Republican Senators who are still sitting are calling for more tax cuts and more deregulation, claiming that Stimulus Money is not needed and that the Obama Administration is somehow responsible for the debacle now occurring on the Stock Market. It is almost as if they are detached from reality. Financial Regulations are necessary to prevent the kind of activities that the financial institutions were engaged in that caused this problem. Tax increases on Corporations and the Wealthy are necessary to pay off the largest deficit of our Nation left by the Republican Bush Administration. Withdrawal from all occupied countries is necessary to preserve the life and limbs of our servicemen, and to stop squandering the remainder of the American Treasure on useless intervention in the affairs of Sovereign Nation.

After 9/11/01 George W. Bush made a big show of responding to an enemy that he claimed hated our way of life and that is why they attacked us. He also stated that their ultimate goal was to bring the United States to Financial Ruin. There can be no doubt that when the stalwarts of the American Capitalist System are collapsing and selling for less than the price of a newspaper that the Bush Administration allowed our enemies to accomplish their goal as stated by Mr. Bush.
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