To put it as simply as possible, the reason our economy is in full crisis mode is that the people who have run this country for the last eight years have been incompetent and misguided.And the board room has become filthy with greed. Both George Bush and John McCain have stated in the last few weeks that greed and corruption are what have caused our current crisis. As the President has said, "Wall Street got drunk and now they have the hangover."
What this proves is that corruption can happen anywhere and all of you free market fundamentalists are wrong about it being worse in the government. Sorry, it's something you are going to have to face. Your ideology is terribly flawed. In fact, if you look at when our major crises have occurred in this country (1929, 1987, 2001, 2007-8) they have all come during Republican rule. What does that say to you?
Now, I'll be the first to admit that over bearing government control is a bad thing. But no control at all is also equally disastrous. No regulation, which is what we have had for the better part of 30 years, is also bad. This inaction or sneaky winking from the Washington to Wall Street has put us into a crisis that shows no signs of letting up. Yesterday the market dropped 500 points with the news that Lehman Brothers is bankrupt and Merrill Lynch is being sold to Bank of America. AIG is also in danger.
This is all the result of what happens when you go off the deep end in regards to how our economy should be handled.
By the deep end, I mean people who make the claim that Barack Obama is a socialist. Barack Obama is not a socialist. Please keep your 9 year old girl hysterics out of the adult swim area. He is not going to make America a socialist state. He's not even going to go to an FDR style solution to solve our problems.
Take a look at his plan on taxes, for example:
- Make many Bush Tax Cuts Permanent
- Make "work pay" tax credit
- Index the Alternative Minimum Tax
- Reduce Estate Tax
- Automatic 401K and IRA plans, large saver's credits
- Other Tax Cuts (for college students, seniors, low income filers)
- Permanent R & D and renewable energy credits
Before all of you righties go apeshit, my source for this is...George Bush. The Bush Administration Treasury Department examined the economic effects of extending the capital gains and dividend tax cuts. Even under the Treasury’s most optimistic scenario about the economic effects of these tax cuts, the tax cuts would not generate anywhere close to enough added economic growth to pay for themselves — and would thus lose money. They estimate between 60 and 80 billion of lost revenue in other less optimistic scenarios.
So this would be an example of why we can't afford to spend another four years looking at only one side of the equation. This is what John McCain wants, sadly. If the majority of Americans aren't spending any money because the majority of wealth has been seized by a very tiny percentage of people, we will continue to see more and more of what happened yesterday.
Take a closer look at what Senator Obama is proposing. For more specifics on this plan, visit here. There are many sub sections and pdf files that go into extraordinary detail about how we can fix this mess. Look at the balance. This how America has always worked best.
It is my hope that some of you on the right will wake up and see that Senator Obama has the right amount of balance on this. It's terribly dangerous to be blinded by ideology and outright lies and that's just what's going on right now. Your pocketbook is going to begin to get hit and it is direct result of a flawed way of thinking that may ultimately be our ruin.