McCain states that,’ The fundamentals in the US are strong” I have been watching news programs this evening on the TV which is probably the most likely to see numbers and figures spoke about in broad terms that could slant almost any liberal view. But I find nothing except the price of gas that seems strong in this country. The strong price of gas does not help the station that sells it to the public, certainly not the person behind the counter counting the money, definitely not the Trucker hauling it. Even the people buying it are not feeling their dollars that they are buying it with are fundamentally sound….Now I do imagine the big oil companies are feeling fundamentally sound for now. But I do not think they will be for long. They are dropping the prices of gas because even the mighty know at this rate Wall Street will fall. Then where will they be. Something needs to be done soon. I feel this country is in an emergency state.
Greenspan stated tonight these are the worst economic times he has seen in his life time…and he is so old he looks like he is on his last leg, he has seen a lot. The Dow dropped 500 points today. A large banking instruction went under because it got so bad so fast for them no one would buy them out because by today it was worthless. Merrell Lynch that has been around ever since I can remember they were bailed out to BOFA …just in time they are saying. AIG insurance has at the most 72 hours to try to get someone to buy them or they are going belly up.
Last week the US Gov bailed out Fannie Mae and Freddie Mac and they are investing money in them over six or nine month period. They say to try to stable it. Fanny and Freddy own at least half of all home loans in the US. I think they are investing money a little at a time because to give them all that is needed would just about break the Government. Housing prices are still inflated in the Arizona market but many…MOST… of the people I know are up side down on their loan. I know a waitress at this little restaurant home owned and operated by a Lad and her grown Daughter. Her Daughter has a home in Johnson Ranch. She paid 275K for it 2 years ago. I can buy that exact home within a street or two from hers for 89K today…and there is not just one for sale out there it is more like 100 in that single development.
This is John McCain’s home town how can he not know how bad our fundamentals are, unemployment…HIGH, Gas …HIGH…housing…FOR CLOSINGS highest they have been since the 20’s…Banks CLOSING…big business ..LAYING OFF half of their employees…The cost of food is climbing every day…These are our BASIC FUNDAMENTALS and he needs to open his eyes.
I have read that if the banks go under the Federal Reserve only has about 1 billion dollars to cover the deposits of 100,000 or less yet; it would take a trillion dollars to cover these deposits.
And Betty don't tell me not to watch the news....all of these problems would still be here...I just would not know about them...Ignorance is NOT bliss..
2 comments:
I was not alive ...but in 1930..Hoover campaigned on Happy days are here again. So believe everything is hunky dory...if you want...but it is not.
Our biggest problem is we are a nation of non producers now. Fleta and Clayton still produce something...but most folks just 'do' something for someone else.
We sent all our 'making' jobs overseas and we are their buyers.
But worry will do no good. Just go on...that is all I or you can do.
Wnen the gas went up here...I didnot run to the station to get the last tank full...like so many did. What good is one more tank full?
Love those around you. Help those you can. That is the gist of it all.
I just walk around in a daze and then every once and awhile I think to myself - my parents and grandparents went through so much worse. You know we all heard the stories all the time.
I actually stop and thank God for reminding me that things have been worse so many times for others....I am just so angry at Bushie that I truly can't see the trees for the forest. Maybe worrying is just part of who we are, but I sure am tired of feeling this way. I just want to pull the covers over my head and hide...
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