Tuesday, September 23, 2008

Reagonomics is dead

Even in the midst of the biggest financial meltdown since the great depression, the pathological mythic-fundamentalist consciousness running the economy struggles to stay alive. Congressional Republicans are trying to push through financial rescue legislation that contains no oversight and no limitations on CEO compensation....with our money!

So far, to their credit, Dems are saying 'No."

Can there be any doubt that the trickle down philosophy of economics absolutely does not work? An integral approach must include consideration of home buyers caught up in this unethical series of ponzi schemes, where values are artificially raised, profits taken, and screw everyone else. After all, if socialism is good enough for congress (see health care) and corporations, why not the average person who has been caught up in this?

We saw these ponzi schemes in John McCain's S&L scandal (remember the Keating 5?), the dot-com bubble bursting, and now the financial scandals, in schemes similar to how the mafia buys businesses, leverages them out taking all the profits and leaving them to fail. It's highly unlikely that those responsible for for the toxic growth and ultimate meltdown should be held accountable is probably not going to be addressed.

Senator Chris Dodd, Chairman of the Senate banking Committee, said "we may be only days away from a complete meltdown of the financial system" (Source: AP) just as the world's biggest financial institutions are being fed into wood chippers, all of a sudden people realize the information presented here and other "doom" sites has not been an exaggeration or some type of joke.

This is one of the reasons I moved to North Carolina earlier this year: to be in conscious community when the poop hit the fan (it has). We had hoped to get our house built before it all came down. We managed to get the construction loan done just before it hit the fan, and start breaking ground on Thursday.

1 comment:

elephant man said...

whas it ever alive?