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Politics & Power

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Playing Politics with America’s Finances

On Monday the U.S. House of Representatives voted down a bill that would have infused the ailing American banking system with billions of dollars to stabilize the financial markets. While people on both sides of the aisle dislike the idea of the government bailing out private enterprise for their bad decisions it is understood by most in the know that something will have to be done to stabilize the markets or we will face a deepening recession and possibly even depression due to lenders being unwilling to extend credit to businesses and individuals. Since American economics have become dependent on credit to function the lack of it would cause a catastrophic chain reaction that would likely lead to millions of lost jobs and even more bankruptcies and foreclosures than are already happening now.

People outside of Washington and Wall Street in many places are screaming for the politicians to let the fat cats lose all their money not realizing that if the businesses and banks collapse so will all of the other businesses that depend on them for financial stability. In addition to that all of the foreign investors holding U.S. debt would be suddenly looking at worthless assets and international markets would begin to collapse as well. If this situation is not stabilized there most likely will be a meltdown of global financial markets causing chaos for investors of all types. This means that 401k funds and investments that corporations use to keep them financially stable would begin to devalue to the point of threatening the financial health of everyone from CEO’s to janitors. Retirement accounts would become worthless and people depending on pensions for their basic needs would be in jeopardy of losing everything in a collapse of our financial system the likes of which have been unseen since the 1930’s.

When the House failed to pass the legislation to put federal dollars into the markets the Dow Jones dropped by 777 points. That constitutes the single largest point drop of the markets in history. It also brought the market below the point it was at before President Bush took office in January of 2001. Over seven years of gains wiped out as if they never existed. The markets went into full panic mode at the news that Congress voted down the bill. On the following day amid signs that the Senate will take a stab at passing the bill putting pressure on the House to do likewise the markets rebounded. There is little doubt that as the final vote in Congress goes so will go the markets.

Going into the vote on Monday both Democratic and Republican leaders in the House of Representatives had felt confident they had the votes to pass the compromise bill that leaders from both parties supported. After the surprising vote it was revealed that approximately one dozen Republicans changed their minds because of a speech given on the floor of the House by Speaker Nancy Pelosi laying the blame for the crisis at the feet of the Bush administration’s economic policies. In essence Republicans got angry at rhetoric from Pelosi and refused to support a bill that they had previously agreed to vote for. By their own admission they let politics override their commitment to a bill their input had helped to craft.

Politics can be a dirty game but when politicians put their emotions ahead of their common sense it is time to start rethinking who we elect to lead us. This crisis is serious and it will impact those of us living on Main Street if Congress does nothing. None of us likes having to use tax money to stabilize the markets and we all want assurances that we will get a return on our investment, which this bill would have done, but we can’t let someone’s tirade about who is to blame take the focus off of the problem at hand. Speaker Pelosi’s words were ill-advised and probably not helpful to the situation but they should not be cause for people elected to protect the American people to turn their backs on us to make a point.

Now that this bill may have to be re-crafted for another vote Congress should add some protections to it that were not in the original version and pass it sooner rather than later as the credit markets are not getting any looser and we need money flowing in them to keep our economy functioning. Some things that could be added are bans on lobbyists from the floor of the House and Senate for any reason, a mandate that all meetings between lobbyists and politicians be recorded and a matter of public record, a closing of tax loopholes that allowed almost two-thirds of American large businesses to pay little or no taxes in real dollars in 2007 and other common sense regulations to prevent this type of financial meltdown to occur again. The politicians need to take the opportunity to fix the cause of the problem while they are spending our money to address it. The money they spend today should also come with a return tomorrow so that we are not just giving free money to Wall Street and golden parachutes should be outlawed period. There should be an amendment to the labor code that prevents any executive that oversees the financial collapse of a company from profiting in any way from it. They should be personally liable for the financial decisions their company makes and it should be the law of the land in perpetuity. Congress has an historic opportunity to not only protect the American people from financial ruin today but for all time if they have the courage to act responsibly now.

Troy Wilson-Ripsom - Staff Writer | Give your feedback on this article. | Click icon to Digg this article

Reform America

Because I see the treason happening in our nation, I at 81 years old decided that I have to run for President. I have spent about 12 hours a day on the internet trying to get my message out to the public, because our present politicians totally intend to end the sovereignty of our nation, to destroy our Constitution and Bill of Rights by turning our nation in to the North American Union, and then give our nation to the United Nations, New World Order.

How blind can American Citizens be, not to hear our politicians state, it's time for our nation to join in the New World Order. Downsize all jobs, and destroy the economy as they are doing, and our nation is powerless to stop these creeps in Washington DC who have been planning this for the last 80 years. If Obama or McCain are elected our nation will cease to exist and 99.9% of Americans do not understand what is happening.

The bailout of various banks and investment instruments are not bailing out the owners, but the citizens who have invested their hard earned money in these firms. It's Joe Blow and Jane Doe that have invested, and hoped for some return on their money when they retire, that money has been spent by the CEO's and other crooks in these companies, and by destroying to investment base on real estate, this money is gone.

You elect Obama or McCain and finish off America. We have been destroyed, not only the United States, but many other nations in the world are also facing depression, more and more out of work citizens in many nations, this is global destruction, to take over all nations in to the New World Order, One World Government.

Why are we dealing with Communist China? Why are we outsourcing to India? Why are we electing candidates from the same 2 parties that have destroyed our nation? The Republicans and Democrats have put us in this situation, they have encouraged manufactures to leave our nation to spread our economy to other nations, who pay 5% of what American workers were paid, then expect us to buy their products.

DO NOT BUY ANYTHING FROM ANY OTHER NATION, BUY ONLY "MADE IN THE USA".

We must stop the destruction of the United States. I've explained it all in my website http://www.DonCordellforPresident.com We only have one month to stop this destruction, help me, to help you. I will stop all imports from China, and other nations competing with Americans. Restore Jobs so we can pay our mortgages, restore our borders, and deport all illegal aliens. We must do this, time is of the essence. Reform America? You bet and we'd better start now, not 20 years from now. We must stop all outsourcing, and we can do it if you refuse to deal with companies who do this.

Go shopping and look at the labels on everything as to where its' made. Maytag out of business, where are RCA, GE, PHILCO, MOTOROLA, ZENITH, and many other products that use to be American names, MGM now owned by Japanese Sony, what a disgrace. Now China has Trillions of American dollars, what are they going to buy? The Chrysler building in NY City, bought by Arabs, much real estate in America being bought by foreigners, what is happening to our nation? Stop this, and stop it now. I've put my future in to saving this nation, help me, to help you.

Don Cordell - Independent Candidate for President | Give your feedback on this article. | Click icon to Digg this article



Get Involved

Do you sit and yell at the TV when politicians come on? Do you shake your head sadly whenever you see a homeless veteran? Is that all you tend to do?

It's time to put up or shut up America. We all love to talk about how we could do things better or how we would do it if we were in charge. Well, it's time to put your money where your mouth is. If you can think of it, you can write it down. If you can write it down, you can type it. If you can type it, you can e-mail it and if you can e-mail it, you can send it here.

We at Reform America are committed to giving voice to anyone who wants to put their ideas out there to make our nation a better place. As the readership grows, we are able to take those views to a wider and wider audience. Grassroots campaigns begin with voices speaking out. You have opinions. Voice them. We aren't about conservative or liberal. We aren't about pro-this or anti-that. We're about Americans and the First Amendment. Reform America is about politics by, for and of the people. You are the people. You only need to speak up. America is listening. Send your article to: stories@reform-america.net



Have You Been Downsized Due to Outsourcing?

For several years now we have listened to some within the business community tell us that America can't compete on a global scale unless they send our jobs overseas where they can be done cheaper. The question becomes, if we don't have good paying jobs here, how can we sustain our own economy? We want to hear from you. Have you lost your job? Have you been forced into a lower wage job due to outsourcing? Has outsourcing been a success for you? Did you end up in a better job?

Tell us your story so we can make sure the politicians see how outsourcing really impacts the workers who are backbone of America. Send your story to stories@reform-america.net

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