The Sky Is Falling!!!
Posted on : 30-09-2008 | By : mcangeli | In : Delusions, Politics, blogrush
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Or is it? If you’ve been following the financial news of the past two weeks, you’re probably feeling all doomy and gloomy right now wondering what in the hell you’re going to retire on. Every where you turn people from President Bush to the guy who mows your yard is going on and on about how this is the WORST economic disaster of the past 75 years. Well, I hate to tell you this, but it really isn’t. Lets take a look at the numbers, shall we?
Unemployement is up to about 6.1% as of August. We can expect it to be a little higher, but its still low compared to other countries and indeed when compared to the Depression following the 1929 stockmarket crash. The Foreclosure rate is still under 5% and so far, everyone still seems to have enough cash to buy gas if you can find it (at least in Atlanta). Not to mention that the US’ GDP has risen steadily this year. Things are not as bad as everyone has been portraying them to be.
What has become clear over the last seven days is that the American Public was being sold a bill of goods that it did not want or really need. Yes. There is some uncertantity in the markets right now, but giving Wall St. a free pass with this “700 billion” dollar bailout is not the answer. Its like giving more candy to your kid after they threw up from eating too much candy. Its not the way to teach them a lesson. You hand them 700b this time, who’s to say that in 50 years, they don’t come back asking for double or triple?
Dave Ramsey has developed a good plan for fixing what ails the economy and surprisingly it doesn’t involve a government handout that would put the country deeper in debt. The biggest and best part of his plan is calling for the removal of Capital Gains taxes. This would make the profits investors earn theirs free and clear prompting more people to invest in the market so many hold so dear.
Take a look at Dave’s 3 Simple Steps and let your congressman and senator know about them. Push them out to your pick for president. lets see someone take some real action for a change.
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Right! Now, here’s the question — when the credit industry is about to go under, will the feds bail them out, too?
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There was a need to do something, but I don’t believe they did it right. Way too much power to one man who is going to help his friends on Wall street before he does anything else.
Believe me, it won’t take 50 years before they come back for more, I give them less than 1 year.
Maria
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