Just as I said, America's economy is going down the tubes. Not surprisingly, I've been right all along. It's only *now* that people are beginning to notice this. About 3 weeks ago, the Dow Jones Industrial Average stood hovering around 10,900. Fast forward to now - now, its at 10,000 and falling. More proof, you say? Alright, look at the Nasdaq Composite index. Just one month ago it stood at 2,900. Then look to the present day, and you'll see that it has fallen to nearly 1,900 (and falling). And now, if you go to any business center, you will see that its members are clearly in the belief (rightfully) that Wall Street is down in the dumps. If you go to
CNN Money, then you will notice that nothing, and I mean *NOTHING* is going right. Besides the stock indexes disturbingly having plummeted through the bottom, all lot of other stuff is also going wrong as well (unbeknownst to the American people,
of course.) General Motors has had its worst quarter since 1992, oil prices are up, the technology sector is failing us, and now all the Wall Street investors are panickcing and are forecasting the worst. In
Bizarro World on Wall Street, you can find their qualms. And don't be surprised when you do.
You would probably ask me why I even *raise* this issue. But there is a very simple point to it all. Its only fair that
President Bush's flawed and misguided policies have led us into this financial hole out of which we are unable to climb. Did we ever ask for this? (Well some did, but I certainly didn't). You might also ask precisely *how* he did this. But then again, that's very, very simple to understand. First, you have to know about the price of
oil (oil runs the world...literally). Its only around a mere
$50/barrel. That's never happened historically, really except for the oil embargos of the 1970s. And so when it *does* happen, our economy is drastically affected - negatively. Remember that the Saudis own about
%7 of our economy, and so if they decide to withdraw their assets, there will be a nationwide depression. But when the price of oil is being artificially inflated by the Saudis themselves (as it is), they can make a profit -
at the expense of the United States and its economy. And that's really all it is - the Saudis, who have been artificially inflating the price of oil for their own benefit, have indirectly caused this plummeting to occur by, in effect, paralyzing the markets.
Oh, but I forgot didn't I?
OUR PRESIDENT - he has a business relationship with the people who contributed to this, not to mention whose government gave citizenship to those who hijacked planes on 9/11. And even apart from that, he hasn't done *anything* to make the financial crisis any better. Instead, as I always say, he's been giving tax cuts to the wealthy at the expense of the poor, and if you don't believe, then you only have to look at the official government data that says that the gap between the rich and poor has been growing every consecutive year since this President took office back in 2001. And on top of that - there's even *MORE* to worry about.
Twin deficits. As I say, when this President arrived in Washington to "heal and unite America", he did nothing except destroy it financially and divide it socially. When he took office, he was left with a projected
5 trillion dollar surplus,
but what did he do? He turned it into a 420 billion dollar deficit (and counting). Nice work, eh? Yeah, and besides, now we have what is called a trade deficit too. For those of you who didn't know, the facts its that China and Japan own our debt, and in turn, own us.
With all these factors combined - the price of oil rising, the twin deficits, the tax cuts, and Bush's relationship(s) with the Saudis - something disastrous is bound to happen. And you can take my word for this. I don't mean to be a pessimist, but what is happening is real. In 40 or 50 years, China may become (and probably will) the next world superpower, and faces us. But what could we have done? We'll be crippled by that time, and
the fact that *my* generation is going to have to deal with this angers me the most. Really, that does get me upset. And what bothers me even more is the people who doubt this, preferring to sell their souls to a non-existent God who, by the way if he did exist, would not have *great* pecuniary instincts anyway. So now America is in trouble like never before - and all of these factors have contributed to one thing above all -
the erosion of our traditional manufacturing base. I'm not at all surprised by this, because Bush is just that dumb. And he intently *wants* this all to occur - which scares me. Not exactly "protecting America and strengthening families", right? Exactly. As soon as our manufacturing base is completely gone, we can all say goodbye to our economic security (if you even have it to begin with).
I've always proposed a solution to this, that of course no one will listen to..."Because you're a liberal." Right, really reaching across the aisle. But anyways, I've always said that if America would just do what it did back in the WWII era and the immediate aftermath including the 1960s, then it might *just* have some semblance of a chance for the future. Now, since our manufacturing base is rapidly eroding (with no sign of end), it is only logical that the United States develop a hi-technology sector of the economy. It is truly the only way to go.
The National Science Initiative of the 1960s
must be brought back. You have *no* idea how much things like NASA benefited the economy. Oh, everyone said, "what do we need a friggin' space program for?" But in fact, things like NASA *enourmously* benefit the economy by providing a HUGE amount of medical technology/scientific jobs for those who seek them. But if we are to get out of the financial hole we're in, then we must develop this sort of base. It can't, obviously, just come out of nowhere. The only way, in my view, is by helping the Japanese and Chinese, reducing our twin deficits *immediately*, developing another source for energy (we can't rely on the Saudis, not for long...), rolling back the tax cuts for the rich and then using the profits to benefit everyone *else* in America... and then hopefully, *hopefully*, the country will recover.
But there's really not that much hope when George W. Bush is the President.
*Edit*
Oh, and there was just a
%17.6 plunge in the housing market. As I've been saying. This is the biggest drop in that market in 14 years. Nice, really...