Posts Tagged ‘Federal Bailouts’

America’s Financial Armageddon

April 19, 2012

I am but a small voice in a vast wilderness of political opinion.  Although there are many far more eloquent and informed than myself who have been blowing the trumpet of warning for years, the trumpet blast continues to fall upon the deaf ears of politicians and U.S. citizens.  Truthfully, I wish there was some encouraging news I could write about when it comes to the secular world in which we live.  However, the truth is not very pleasant; not many really want to hear it or do anything about it.  But the great United States of America is rapidly advancing toward a financial Armageddon; one that the vast majority of Americans are woefully unaware and unprepared for and thus will suffer great personal consequences. (more…)

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Times, They Are Not A Changing

March 3, 2010

(On April 4, 1992 our local paper published a column I wrote about the state of the United States economy.  I forgot about it until, digging through some old files, I found a copy, which I reproduce below with a few annotations.  Not surprisingly, 18 years later, the U.S. is not only in a better place but a much more dire position than I might have predicted.)

“The budget should be balanced, the treasury should be refilled, and the public debt should be reduced.  The arrogance of officialdom should be tempered and controlled.  And the assistance to foreign lands should be curtailed, lest we become bankrupt.”

Is this the quote from one of our noble politicians, a leading statesman?  One who will lead this country out of economic crisis?  No!  This is a quote from Cicero in 63 B.C., over 2,000 years ago.  [Note:  While Cicero has been given credit for the first part of the quote, the source of the entire quote is unknown.] 

What is the old adage?  “The more things change, the more they stay the same.”

Is America teetering on the edge of economic disaster? [In 2010, now more than ever.]  At a time when government and personal spending and debt is spiraling out of control, we get the same old sugar-coated pill from politicians – “everything’s OK, spend, spend, spend; nothing to worry about.”

However, there are some economists and knowledgeable people [many more now than 18 years ago] with foresight that are very concerned about the path our polticians and others are taking us down.  You only need a grade school education in math to figure out that no one, not even the great United States, can keep spending what it does not have and keep mortgaging the future of hardworking Americans, their retirement and the financial welfare of their children and grandchildren [and many generations to follow].

America and Americans have become slaves to debt and high living.  And we are about to pay the piper for our excesses.  Our national debt is nearing $4 trillion, with some estimates putting it at $20 trillion by the year 2000  With no decisive or strong commitment from the majority of our elected officials to cut spending and reduce debt, that estimate may be conservative [the officially reported national debt as of March 3, 2010 is $12.5 trillion or $40,668 for every American.  However, when entitlement obligations are added in, the debt soars to around $56 trillion.]

If this estimate is close to being accurate (and it assumes no major financial calamities, like an S & L bailout [How about a financial meltdown and hundreds of billions in bailouts to banks and other financial institutions?], then Americans would have to pay taxes exceeding 100 percent of their income in the year 2000 just to pay the interest on this debt.  [Of course this is not happening and the debt is soaring into hyperspace].  Clearly a disaster waiting to happen [and many believe is imminent].

The government that our forefathers so thoughtfully and prayerfully founded on Christian principles as a government “of the people, by the people, for the people,” is enslaving its people to debt and irresponsible management and stewardship of the constitutional trust.

It is time to clean house and elect “statesman,” not politicians, who will be morally and financially responsible.  We must insist that Congress comply with the Gramm-Rudman law of 1985 (which they never have) and maintain a balanced budget and cut expenses – NOW.

It should be against the law for the federal government to use Social Security revenues to balance the budget and, therefore, use the funds anywhere it sees fit.  Under the current accounting system, it is operating a legalized theft ring, stealing from the financial pot of millions of future [and current] retirees.  This must stop and the system be severely revamped. . . .

Politicians’ AIG Outrage Rings Hollow

March 17, 2009

I’m not sure what is more sickening, the audacity of AIG in the midst of near bankruptcy to pay out $165 million in bonuses, or the politicians in Washington falling all over themselves rushing to the podium to proclaim their outrage over such bonuses.

Where was their outrage when they were freely using taxpayer billions to bailout the mis-managed corporate money-grabbers?  Where was their outrage when they gladly accepted their automatic raises as a reward for leading this country into the worst economic crisis since the Great Depression? (more…)

Obama’s Ponzi Scheme

March 14, 2009

No doubt you have heard about the recent conviction of Bernard Madoff, the Wall Street guru who swindled an estimated $50 billion from investors around the world – many who were certainly smart enough to make their own fortunes but decided to turn the management of some or all of their fortunes over to Madoff.   Madoff in turn used a sophisticated Ponzi scheme to give investors the illusion of increased wealth. (more…)

Obama’s Goal of Serfdom

February 27, 2009

It has only been a little over a month since Barack Obama took office as the President of the United States of America.  But already his agenda has been made clear:  Move America into a socialistic serfdom with all due haste. Total dependence on government will be the norm.  Only the federal government has the answers and can solve all of America’s ills and the all too gullible and desperate American electorate hangs on the messiah’s every word of glitz and glimmer. (more…)

The Fast Track to Socialism

February 23, 2009

Change we can believe in?  How about change that once it’s completed will leave us with a country we do not recognize?  By the time Obama and his Democratic demogogues are finished, America will be stripped of its Constitutional freedoms and sovereignty.

 

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DOW 6000 Revisited

February 20, 2009

Earlier in the week I wrote about the DOW hitting 6,000 before the end of the year.  For most that is not only unthinkable but it is downright horrifying.  But is it realistic and within the realm of possibility?  Let’s look at the numbers. (more…)

Hyper-Inflation Here We Come

February 20, 2009

It was not long ago that the feds were concerned about a deflationary economy.  But, oh my, how things have changed and so quickly.  Freezes in Florida and a persistent drought in much of California’s edible crops growing area threaten to push up consumer prices on much of the fresh produce as well as processed foods.  And, although oil has been consistantly hovering around $35/barrel, gas and diesel prices continue to rise. (more…)

DOW 6000?

February 17, 2009

The DOW stock market index could be as low as 6,000 by the end of this year.  Sound preposterous?  Not from my perspective.  In fact, that might be conservative.  Right now we are in the worst stock market decline since – well, you know by now – the Great Depression. (more…)

Stimulus or Pork?

January 29, 2009

If you have the stomach for it I would encourage you to take the time to review the recently U.S. House-passed HR 1 or President Obama’s “American Recovery and Reinvestment Act of 2009.”  As WCCO radio show host and WCCO-TV anchor, Don Shelby in Minneapolis commented on his radio show this afternoon, “it’s full of garbage.” (more…)