A Failure to Communicate
Today the news media is all a buzz about the failure of the “Super Committee” to reach a debt/budget compromise. Of course both sides are once again pointing the finger at the other. The MSM (Main Stream Media) of course have joined the cacophony of both major political parties, as usual they are of no assistance to the average American citizen. The way I, Penrod Barker, see it is this; this failure to communicate by the members of the “Super Committee” is going to have dire consequences for the American economy, to wit; the American citizen.
The beautiful thing about the economy is that it in a strange way it unites the average American citizen in a tortuous bind. It treats all of us the same without regard to race, color, creed, or sexual orientation. So if the economy is bad, we all suffer, if it is good then we all are given the opportunity to prosper, no matter how much or how little. I have read some news articles, and I wish now that I book marked them so I could give you all a reference point for what I am about to say. Despite that, here it goes, and I will try to make it as easy to follow as possible. Back when TARP announced and money was given out to banks and other businesses like crack to the addict (they couldn’t get enough), the government did what it thought best and emptied the public treasury. They did in the name of preserving the American financial institution, American manufacturing, the American infrastructure. However, when Congress asked those financial institutions what they did with the money,those same banks and financial institutions refused, refused mind you, to tell the government what they did or where those funds from the American taxpayer went. Months later as the national debt skyrocketed ($15 trillion dollars as of last week or $160,000 roughly from every man, woman child in the United States except the illegal immigrants) we had the debt crisis. I am sure you remember that as the government was losing money rapidly and was on the verge of a shutdown, Moody’s downgraded the U.S. credit rating for the first time in history because of the inability to get a debt deal.
Last week the warnings went out again about the lateness of the hour for the “Super Committee” and if they have a deal they need to do it now. Then news commentators started to speculate about the possibility of other credit rating agencies might also join Moody’s and downgrade their U.S. credit rating.
Now the lateness of the hour is at hand, and both major political parties, Democrats and Republicans are still pointing fingers at each other blaming the other. Rome is burning, and they are fiddling. Both parties want to give the appearance of reasonableness, yet each side intractable. More worries about their own personal political futures than that of the fate of a nation. It is high time that politicians of all colors start to put the need of the country before the need of their party ideology, and re-election bids.
Now getting back to TARP funds, and this where I wish I had bookmarked those articles. The reason the financial institutions did not tell the government what they did with all those billions of dollars is that they couldn’t do it then without a wholesale criminal indictment on all the boards. The money went to the European junk bond market in an effort to keep Europe afloat, specifically, Greece, Ireland, Spain, and soon to be, Portugal. That money is gone despite the German effort to prop up Greece and Ireland though the infusion of the billions in Euros. Only Great Britain is looking like the wise ones who decided not to join the European Union currency. While they Euro continues to fail, The United Kingdom still seems able to keep afloat with its British Pound Sterling.
As the European central bank and Greece begins to falter again and the Germans are unwilling to push anymore Euros into the Grecian economy, the true extent of the American banks involvement of pumping millions and perhaps billions of U.S. dollars, the worlds reserve currency, into the European junk bond market. Then we will once again face a global crisis far greater than the one we are just now trying to emerge from. Not only will the Europeans go down but America will also fail. What do we then? There is no more money in the U.S. treasury. They treasury has sold new bonds, to pay the debt on the old bonds. Kind of like giving an IOU to person C, so you can pay person B, and Person A whom you originally took the loan out. Can you say, “Ponzi?”.
Something I have also wondered about. It was never fully explained what President Obama did when he went to India a couple of years back. What did he ask of them? China and India are enemies. Was President Obama trying to do a Nixon – Red China foreign policy coup? That is play the Indians off of the Chinese? The Chinese bought quite a bit of our original national debt. Did we get money or credit from India to play off the Red Chinese?
What happens to the U.S. when 1) The federal government defaults on a debt payment to China or any other creditor? 2) What happens to the average American citizen and the American family? What about American society? How will it change? How will we change? Is there anything that can be done now to change this course of history?
What can and should be done to our supposed leaders have who have led us down this path of financial destruction? You can have as many Occupy protest you want, but so far, nothing has been accomplished in the couple months that it has been around. Nothing will be accomplished by this protest. It is too weak and too disorganized to get anything done other than suck up municipal resources. Don’t believe me, then email or comment back to me what they stand for, what they want, what has been the response from the targets of their anger and protest? Nothing. Not a thing.
Even the Democrats seemed to get behind them at the beginning, but now even they are starting to distance themselves from the protest. Why? (This is where you get to make the call).
The “Super Committee” has failed. Our President has failed to show extreme and true leadership by getting involved directly. The Democrat led Senate has failed, in that the there are 22 bills pending in that house for a vote that might jump-start our economy, the House has failed in that they cannot get either the Executive branch or the Senate to act. They are locked in death struggle of ideology, and self grandizing politics. The House has yet to be able to get their story out effectively. They continue to let the media and the Democratic party define them.
Something better change and quick. The way we live our lives collectively as a country and as people is in jeopardy.