The American Dream turns into a Nightmare…
|Trade Time:||Aug 21, 2007|
The DOW dropped again yesterday after a couple days of gains. Has the fallout from the “subprime mortgage” fiasco been “contained” or are we seeing the calm before the storm? Is there a crash afoot? Stay tuned…
One thing for sure, there is a real effect on real people when things like this mortgage crisis happen:
July foreclosures up 93 percent vs year ago: survey
By Patrick Rucker
WASHINGTON (Reuters) – Home foreclosures rose 9 percent in July from June and soared 93 percent from a year ago as states that once enjoyed a white-hot housing market are now seeing the greatest number of loan failures, a real estate survey reported on Tuesday.
The July foreclosures — a tally of default notices, auction sale notices and bank repossessions — totaled 179,599, according to RealtyTrac, an online marketplace for foreclosure properties.
As if we don’t already have enough scenes like this in our country:
The failed economic agenda of the two parties of the apocalypse is adding to the number of our fellow citizens who will find themselves living in the street. I’m sad to say that this disaster is not a surprise to me. I saw it coming a mile away. Here is a simple economic equation:
Decades of “deregulation” + low wages + easy credit + real estate buying spree
= speculative bubble that bursts!
That’s what brought us to this disgraceful point! It all goes back to “deregulation.” When the right wing econowackos say “deregulation” hold tight to your wallet, cause it’s gonna cost us! When the kings of industry write a deregulation bill and hand it to their bought and prayed for government officials, those
bribes er, campaign donations have the intended one hand washes the other effect. Our misrepresentatives fall all over themselves to push the bill through. The effect is always the same long term, the rest of us lose and then we are handed the bill when the shit hits the fan!
Now that the damage has been done, the idiots in washingtOOn are falling all over themselves to figure out how to sell us a government bailout of the mismanaged mortgage industry. They will either sell it to us openly as “mortgage assistance” by claiming they will be spending tax dollars “to help people keep their homes” or they will infuse cash into these mismanaged companies on the sneak, or the government will “buy” the failed companies outright like they did with the savings and loans in the ’80′s. One thing for sure, WE will be PAYING FOR THIS DISASTER!
The easiest way to fix this mess will get no discussion in washingtOOn or the MSM:
RAISE THE FEDERAL MINIMUM WAGE TO $10 per hour and repeal the bush crime family tax cuts to the pig rich!
That would infuse cash into the economy that people would use for real human need and increase the federal governments tax receipts. Ending this damn war so we can start spending the money we are wasting killing people and blowing things up would be good too! We could then use our tax dollars to fix our crumbling infrastructure so this doesn’t happen again:
A nationwide infrastructure rebuilding program would instantly employ all the construction workers now or soon to be unemployed by the falling housing market. Why don’t we hear about such ideas from those idiots in washingtOOn? Because they don’t care about us! They only care about their butt buddies, the pig rich corporateers! Anything those political power elite beltway bastards, the republicrats and the dempublicains, do will be to benefit their thieving economic power elite corporateer co-conspirators! We’ll just be the damn fools who foot the bill!
The time has com! We must go to the polls come election day and tell the members of the two parties of the apocalypse:
We have to replace them with third party candidates, we just have to!
The telepathic crickets on the ClapSotronics editorial board and I hope you have had your fill of footing the bill!
On a happier note, we at ClapSotronics would like to wish WordPress a happy second birthday! Hope this joint has many more and doesn’t sell out to any of those Nazi internet companies like micromush or goo goo.
The scientifically impossible I do right away
The spiritually miraculous takes a bit longer