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Today, the failure of the US Congress to pass the financial system bail legislation might very well become one of the most important days in modern history. You see, the banking system is on the verge of collapsing and really needs a government rescue. More than half of the House of Representitives voted against allowing the government to buy up to $700 billion in toxic loans. This bill might very well have saved wall street, main street, and the rest of this country! The government today seperated themselves from wall street in what might be the biggest fundamental change in legislator mentality. Trillions of dollars in wealth has been lost in the last several weeks including lawmakers’ own money. The basic principle around that which our country is based is the more money people have and make the more money they can collect in taxes. Without all that tax money, what is Congress going to do? Hopefully take a nice pay cut next year like the rest of the population, but doubtfull….they will probably give themselves raises and continue to push for their pet projects that help out their own jurisdiction……
Today, the credit crisis might have morphed into the start of The Great Depression 2. Wake up Congress and save yourselves along with everyone else before it’s too late!
WaMu has become the latest failure in the financial meltdown that has plagued the United States banking system. One wonders who the idiots are let this happen? WaMu management? Regulators? Congress for not acting? The rating firms that lowered the ratings on their debt? Everyone’s deposits at the bank are safe as the branches and accounts were bought by JPmorgan Chase for $1.9billion.
As the financial markets continue to crumble China will soon swoop in and make us their bitch! That’s right soon there will be little American schoolchildren sweatshops making things for China. You see folks, your money in the bank is safe only as long as our government has the funds to guarantee it. If the domino effect of the financial system continues on it’s course, the entire economy could collapse. Your money in the bank will disappear and the government will not be able to pay out the insurance guarantee as it will have overpaid would it could pay out! Investments in a wide variety of financial instruments will become a fraction of what they once were. And yes, we will shortly be sending our school children to sew sneakers for snooty Chinese kids. There will soon be an even bigger Chinese economic boom at the cost of the United States!