The collapse of Banks, Car Dealerships, Car Builders and others has been documented in detail. The wheels have been set in motion. Many have lost jobs, and many more will before it gets better. Over the next 18 months, as Banks close as projected, don’t blame Barack Obama for this:
Two Hundred Forty thousand jobs LOST in the month of September.
http://www.time.com/time/business/article/0,8599,18
57394,00.html
Jobless Ranks Hit 10 Million, 25-Year High
The nations jobless ranks zoomed past 10 million last month, the most in a quarter-century, as piles of pink slips shut factory gates and office doors to 240,000 more Americans with the holidays nearing. Politicians and economists agreed on a painful bottom line: Its only going to get worse. And there was more grim news from U.S. automakers: Ford Motor Co. and General Motors Corp., American giants struggling to survive, each reported big losses and figured to be announcing even more job cuts before long.
http://www.time.com/time/nation/article/0,8599,18577
21,00.html
BANKS CLOSED BY GOV'T
The 19 bank failures so far this year compare with three for all of 2007 and are more than in the previous five years combined. It's expected that many more banks won't survive the next year of economic tumult. The pressures of tumbling home prices, rising mortgage foreclosures and tighter credit have been battering many banks, large and small, across the nation.
The failures this year include that of Seattle-based thrift Washington Mutual Inc. in late September, the biggest bank collapse in history. It had $307 billion in assets. In July another big savings and loan, IndyMac Bank based in Pasadena, Calif., failed and was seized by regulators with about $32 billion in assets.
The FDIC estimates that through 2013 there will be about $40 billion in losses to the deposit insurance fund, including an $8.9 billion loss from the failure of IndyMac Bank. The FDIC is raising insurance premiums paid by banks and thrifts to replenish its fund,
http://www.time.com/time/magazine/article/0,9171,185
1140,00.html
THE BIG BANK BAILOUT
The damage had been mounting so swiftly that in the midst of a global stock-market rout that ate 18% of the Dow, Treasury Secretary Hank Paulson was forced to import a plan he once considered practically un-American. Paralleling a program authored by U.K. Prime Minister Gordon Brown, it called for the U.S. government to take partial ownership of nine leading banks and offer to buy pieces of hundreds of others. On Oct. 13, the nine bank bosses, assembled in the Treasury's imposing boardroom, were each handed a piece of paper with the terms: $25 billion of preferred shares each from Citigroup, JPMorgan Chase, Wells Fargo and Bank of America. In return for the capital, the U.S. would collect a 5% dividend in the first five years. Although Wells Fargo chairman Richard Kovacevich resisted, Paulson gave the bankers no choice. It's partial nationalization, although in announcing the bailout Oct. 14, Paulson deliberately avoided using that term. "Today's actions are not what we ever wanted to do, but today's actions are what we must do to restore confidence in our financial system," he said
"It was tunnel vision," says Republican Congressman Spencer Bachus, ranking member of the House Committee on Financial Services. At a meeting at the White House on Sept. 25, Bachus says, he and others brought up the need for alternative approaches. "The President said, 'Paulson wants to do it. He's the guy. Whatever he says, we do.'" Two days after the Washington drama, the Fed's Beige Book report revealed that business was weakening everywhere, prompting the Dow to regurgitate 700 points. GM is shutting plants earlier than anticipated, idling 2,800 workers; PepsiCo, which reported falling sales in the U.S., is chopping 3,300 jobs worldwide........
AND
OCTOBER 28, 2008 NIGHTLINE DEATH OF A SALE
".............In the last year, nearly 600 New Car Dealerships have closed their doors for good. Another TWO THOUSAND are expected to close over the next 18 months." that's 70,000 jobs lost. And two thousand six hundred dealerships closed
This mess took years of failed republican economic policy to create. However, it will be just disgraceful to see and hear republicans everywhere blame this mess created by them, on Barack Obama
POLITICAL..........SATIRE!
There's an old saying that I never understood, I think it's an Ancient Chinese Proverb. Not sure.
It goes like this:
ONCE YOU GO BLACK, YOU NEVER GO BACK
OH!M!G! I FIGURED IT OUT! NOW I UNDERSTAND!
(BLUSH) (I didn't know) Presidents! ....They're talking about Presidents!
ONCE YOU GO BLACK, YOU NEVER GO BACK!
Leading up to this election, there was a lot of rhetoric cried out like:
“Barack Obama and his government will march into my house and take my guns!”
And
“I will NOT feel safe against Terrorists if Barack Hussein Obama is elected President!”
Well, YOU’RE RIGHT! Now HURRY! Escape to Mexico while you still can! BEFORE Barack Obama is sworn in as President………………….. we’ll call you when it’s safe to come back.
The Republican Party is complaining that they had no chance because the Democrats had far more money. The Democrats out-spent them. Well, that's a BIG change from the past where the Republicans had far more spending money. The important difference here is the fact that the money came from the people. Not the Oil. Obama's campaign crushed previous records of the number of individuals who contributed $5.oo, $10.oo, $20.oo, up to $50.oo. But record numbers of American Citizens did not get out and vote because Obama out-spent McCain on commercials. Americans everywhere waited in long lines to vote because they are fed up with the Republican Party's lack of Economic Policy having a drastic negative effect across the United States.
Conservative talk show host Michael Reagan was just on CNN ripping George W. Bush and 6 years controlled Republican Congress for their reckless spending, debt, and horrible use of the 700 billion dollars of bail out money. For example, He talks about the fact that A.I.G. got ALL the bail-out money, and their share-holders got NOTHING. In other words, the Rich got Richer. The rich got bailed out. Not the Americans holding the stocks. he says this 'never would've happened with Ronald Reagan' but he's living life with the blinders on.
It was Ronald Reagan who began this massive debt that has been a huge part of this economic collapse Ronald Reagan spoke early and often about his strong belief in 'Trickle-Down-Economics', his belief that, if the gov't pushed through policy that is heavily weighted toward benefiting the richest of Americans, the money would 'Trickle Down'. He was wrong. The Richest Americans made far more money, but they kept the profits and paid low wages and poor benefits to employees who were actually doing all the work. Reagan created the Illusion of prosperity by massive reckless over-spending, leaving the debt for the next generation. Which 2 Bush's just doubled.
When George W. Bush had 6 yrs. of Republican Controlled Congress, Defecit spending went to an all time high. The size of the Federal Gov't INCREASED BY 60%. Amazingly, republican voters STILL THINK that they're voting for small gov't. and small spending. Just the opposite is true, but they don't do anything that resembles spending time learning what policy is being pushed through, to separate fact from fiction.
Obviously Rudy has been reading my blog and awaken from perception to reality,
today, Election day. on CNN the Situation Room w/ Wolf Blitzer 3:30 pm Mountain time he's on t.v. "supporting" McCain?
He didn't do a very good job!
Rudy Giuliani, looking at polls showing Barack Obama ahead; "This is probably the net effect of being in power for all those years, Republican Congress, probably the same reason we lost in '06. The Republican Party Lost some of it's credibility on the Economy ........ we got the Low Taxes, but we also got the Big Government"
Wolf Blitzer; " And the Debt has doubled over the past 8 years"
Big Government (increased by over 60%) and Big Debt. That's TODAYS REPUBLICAN PARTY
