Yeah, right. · Sep 24, 02:49 AM by Amberlee
For many years I have preached a rather radical theory to friends and family. FDR was the worst President in the history of the US because the policies he instituted (a government running on deficit spending, social prop programs created without time-outs thus beginning our welfare state, the institution of a perpetual income tax thus allowing for professional politicians and the ability to pass the buck) would be shown by history to be the beginning of the end of America.
This week I am proved wrong. Ronald Regan and his trickle down theory of economics (based in deregulation and privatization of assets like the national power grid which, even if we built nuclear plants and produced enough electricity through home-grown means to free us from overseas oil, would not be able to handle the load) that does nothing more than end up costing the taxpayers 700 billion dollars in bailouts (this go around—don’t you all remember the S&Ls and the many other such situations?) and brings the dollar so low we might as well call this the new depression is now running neck and neck with FDR in my book for destroying the country.
FRD turned us toward socialism. Ronald Regan turned us toward greed. Now we’ve got a guy no one elected asking for 700 billion without checks, balances, regulation, oversight, or so much as giving the American public the courtesy of a reach? Right. Welcome to the new Monarchy.
We’ve been pretty lucky the last eight years with our business. We’ve also tried to be smart. We live in a modest house. Our cars are over ten years old. We paid off the student loans. There’s some stuff left on cards from our last few trips but some belt tightening wouldn’t make things too bad and those numbers could go away. We’ve got equity in our home. Mind you, our retirement funds are now shot to hell but who doesn’t have that problem after the last few weeks?
I think this situation is far from over. What happens when the rest of the world stop buying US Bonds (basically loaning our government money so they can do business) because they no longer have confidence in our leaders or the financial markets? Yeah. Not a pretty thought. I can only hope that day doesn’t come because the day we do our first default on a loan is going to be one very bad day indeed.
