Friday, June 19, 2009
If the Feds are Going to Bail Out Anyone, They Should Bail out the PEOPLE and the STATES, Not the Financial Giants
Fitch's downgraded Ohio's bond credit rating Wednesday.
Moody's has warned that it will probably downgrade California's debt rating in the near future.
Many other states are not far behind.
Downgrading a state's rating increases borrowing costs, and thus destabilizes the state's economy. And, of course, many states may have more problems than just credit downgrades.
As I have long argued, if the feds are going to give bailouts to anyone, it should be individuals and the states - not the big financial giants - because preserving the states which make up the United States is a lot more important than maintaining the status quo financial system.
And unless the people have some relief, they will not be motivated to borrow from the banks, so all of the bank bailouts will be useless in restarting the economy. Indeed, if the government had just given the money handed out so far to the people instead of the big banks and financial companies, we'd be on our way out of this financial crisis already.
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Ohio downgraded before California? Well, crap. I live in Ohio but I have to say one would be hard pressed to find evidence of an economic crisis in my town. We seem to be in a bit of a bubble, I suppose. But who knows how long it will last.
ReplyDeleteThanks for all your hard work.
ReplyDeleteLove "Light" and Energy
_Don
http://www.theominousparallels.blogspot.com
I wish people would stop letting the bankers get away with this robbery. I found this clip on money to be very appropriate to this article: Money Clip
ReplyDeletethe entire system is f***ed up beyond all belief.
ReplyDeletecannot wait until we tear it all down and start anew - but this time we do it right.
"If" is the operative word here.
ReplyDeleteThe federal government should not own the largest insurance company in the world, the largest auto manufacturer in the world, the top two mortgage lenders in the world, or be bailing out any states or any individuals at all.
ALL THIS is the problem.
There has been an endless chase for PROGRESS and HUMANITARIANISM, both of which only make everything worse.
These social emphasis-paradigms focus on the present, when the focus should always be on the future, lest we should want the future to mousetrap us -exactly as our present has mousetrapped us.
Forgetaboutit!
Once and for all srive a stake through the twin economic vampires forging all this negative progress, the credit economy and Wall Street.
Life is a party, not a race.
You cannot take it with you, BUT, you do leave it behind. Take more care in what you leave behind.
The credit economy and Wall Street are two ideas that have made the party a real drag.
Get rid of them.
I believe the Fed's actions in creating a climate of the "WMD's" of deriviatives, then the bailouts are crisis creation via "economic warfare". The goal is to bring down our economy and currency to initiate economic, thus political, change: the New World Order. I attribute nothing to "good intentions" towards Main Street. These politicians, the Treasury, the FDIC, the Fed are all in collusion as domestic enemies in economic warfare against the American people. High treason. Criminals.
ReplyDeleteEnd the Federal Government. End the Fed.
I believe States must secede and reform a new union with a disempowered central government - plus a return to those in Congress placed in power by States - not people. Also, judges must be appointed, approved by legislatures, and the people - and NO JUDGE should be in office for more than 2 years. They've become politicians overthrowing our Constitution - legistlatures - and it's inherently statist for them to be in office for any length of term as unelected officians. Since they do not want to strictly interpret the Constitution - and are legislating from the bench - they must be elected and removed from office in short order: 2 year max.
We must abolish this government and create a new government to preserve freedom.
The federal reserve is a creation of our own government, congress holds the power by a mere vote to abolish their existence; but, so long as the fed reserve prints the monies for the top powerful congress men and his states welfare programs that keep him elected in the fed will protect their own interests. Bailing out corrupt corporations is as a favor to the congress men not qualified to handle their states crisis rips the fabric of integrity and honesty as a corporate policy removing the fear of corrupt buiness ventures and the fear of prison for their actions destroys and divides us as a nation. Printing money with no value deflates our buying power and what you can get for your dollar.
ReplyDeleteI say end the fed reinstate the gold standard and limit elected politicians terms and if you are a for profit organization and you fail thats all in the cost of doing business...