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Congressional Panics
Now that Congress, the Fed, and Bush have acted in collusion to transfer the country's wealth out of the population's hands and into the coffers of the oil companies, foreign oil industries, the military industrial complex, and the banks, the country's economy is going to fail. It's only a matter of time. The population of the largest consumer market in the world has to have money in order for industry to be healthy and the world not to starve. Congress has forestalled the collapse by passing bank bail out legislation. This will keep the economy running for a while longer but things will be worse later rather than sooner. We had a chance. If Congress had let two of the major ringleaders, named Freddie and Fannie, hang themselves in order to set an example for the Fed and the rest of the banking industry, after the fallout, things might have settled down. We had the strength to withstand this with a little PR work concerning the viability of the remaining banking industry. Bush, who initially opposed any bank bailout because he probably figured that the country was fed up, saw Congress panicking without any prodding, smiled and said, “OK. Go ahead”. The Fed argued for their creation after the panics, bank closures, and depression by saying that a central bank was needed to prevent those types of disasters. After the Fed and banks recently pressured Congress to pass legislation that would protect them from bankruptcy fillings, they embarked on an unscrupulous and predatory lending campaign. The Fed accommodated them by increasing the money supply. Now that they have, in collusion, created the very disaster that they are supposed to prevent, we are going to bail them out. Homeowners are still not going to be able to pay their adjustable rate mortgages, but the banks and stockholders will get more money to loan. The bill also increased the maximum national debt by $800 billion to $10.6 trillion. Not to worry. While the banks were pressuring for protection from bankruptcy, they also pressured for legislation protecting the tax debt so the government would have the money to pay the interest. This means that the Fed will be able to print more money and loan it to the government with interest and the people who own the Fed, instead of paying for their graft, will make more money. We will pay through taxation and inflation. It is hard to say whether Congress is collectively stupid or collectively corrupt, but there is no justification for letting them get away with this. The sooner we get this over with the sooner things will be better. We should start on it before things get really bad and the country ceases to exist. The next thing to do is realize that bureaucrats are like alcoholics. Alcoholics can't resist the next drink and bureaucrats can't resist making the government bigger. Every government agency should be forced to go through the Constitution like a step program and, when they don't pass one of the Amendments or Articles, cease to exist. Copyright July, 2008 Web Smith Article Directory: http://www.articledashboard.com For more articles go to ewebsmith.com/finance/financeindex.html. Web Smith has been writing and developing documentation for technology companies for over 30 years. He has been the founder of 7 technology companies and created the collateral that launched them. He is an industry consultant and currently owns ewebsmith.com, ewebtelecom.com, and ewebproducts.com. He runs his own copywriting business from websmith.com/copywriting |
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