OOPS, MY COUNTRY JUST BROKE!

 

Yep, my country just broke.  It’s stopped working for everyone: rich and poor, middle-class too, Democrat and Republican, liberal and conservative, white-collar and blue-collar.  It could and should have been fixed when the cracks first appeared, but nobody did anything.  Ironically, this is exactly what happened to my own windshield in my car.  About 5 years ago I got a “ding” from a small stone thrown up off the road.  I should have fixed it when I had the chance, but, I let it go and of course the cracks spread and I ignored them until finally the whole damn thing just broke.

 

The “ding” in our country started in 1977 when then Pres. Jimmy Carter signed the now infamous Community Reinvestment Act Program.  Euphemistically, to become known as C.R.A.P..  When C.R.A.P. first happened it didn’t seem so bad, but soon the C.R.A.P. began to spread.  In 1992 the Federal Housing Enterprises Financial Safety and Soundness Act (how’s that for a bureaucratic mouthful) required Fannie Mae and Freddie Mac, the two government sponsored enterprises that purchased and securitized mortgages, to devote a percentage of their lending to support “affordable housing.”  Yikes, the cracks really spread when the government mandated that banks extend loans to under-qualified borrowers ushering in the age of sub-prime mortgages.  It did not take long for the C.R.A.P. to spread all through our economy.  When the real estate market went south, many mortgage holders could not pay, defaults flooded the system, the value of mortgage-backed securities became indeterminable and major financial services firms like Lehman Brothers and Bear-Sterns went belly-up.  In an attempt to stop the cascading effects of this crisis from infecting all other sectors of the economy, the Congress recently passed the Troubled Asset Relief Program or T.A.R.P..  Unfortunately, not even a $700 billion T.A.R.P. is big enough to cover the mess created by C.R.A.P..  So now, the government feels there is no other option but to throw even more money at the spreading crisis first created by this C.R.A.P..  Who knows how many more of our tax dollars are going to go to bail-out banks, under qualified borrowers, the auto industry, and God only knows what other industries.  Uncle Sugar has very deep pockets – OURS.  And that, my friends, is how our country broke.

 

If you are like me, you might ask why no one saw these cracks spreading and raised an alarm.  Well, some did, but nobody really noticed.  Like me, I was determined to keep looking THROUGH my own windshield and not AT it.  I just wanted to keep going forward and not have to stop to fix anything.  In the case of our national calamity, the primary responsibility to look AT the “windshield” should have been that of the media.  Of course, they were nowhere to be seen, probably because they’ve been too busy the past few years campaigning for Pres-elect Obama.  The media is the one entity whose sole responsibility should have been to identify and warn us of all the problems that this C.R.A.P. was going to cause. 

 

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4 Responses to “OOPS, MY COUNTRY JUST BROKE!”

  1. On the pike Says:

    I’ve decided that MEDIA is actually the acronym for Multimedia Egomaniacal Demonic Idiot Asses. If you’re depending on the Media, aka Democratic bagmen, to be the responsible watchdogs, you’re in the wrong country, the wrong century and certainly in the wrong society. We are now in the minority, overtaken by what is commonly and now aptly (given this past election) known as the Ignorant Masses. People are overjoyed with Obama’s ascendancy – it’s the big middle finger to the conservatives in this country who truly care about personal freedoms and responsibility. Wait until they realize that the man they put in the White House is the one global leader with barely enough experience to paint on the nail of that middle finger.

    C.R.A.P. is just the beginning. When it actually hits the fan, it will be the end.

  2. garret Says:

    i was watching c-span last night (yawn). Among their lineup of riveting progams is Book Reviews show. It isn’t really, it’s more like the authors giving a synopsis of their latest tripe in front of a crowd of vagrants numbering about 6 – three of which are paid, the rest are relatives.

    Anyway, the author of “Obamanomics” was spellbinding a Borders contingent (i can’t remember the guy’s name). He was talking at length about how the Bush administration’s deregulation policies were profoundly, if not solely, responsible for the economic crisis we’re in today. He went on to offer as primary evidence the repeal of the Glass-Steagal Act of the 1930’s. He asserted some convoluted ‘greedy-lobbyist-corrupts-unwitting-well-intentioned-congressman” theory he scraped off the Obama website as the culprit behind the erosion of this regulation.

    If televisions offered a “slap-screen” feature, i’d have worn out my clicker giving this guy a beat down. i wonder if he noticed that Bush didn’t become president until 2001. And i know he wouldn’t be able to figure out that in order for commercial banks to make money they’d have to be able to get rid of the C.R.A.P.py loans they were forced to make. Glass-Steagall had to be revamped in order to spread the risk. i mean, what self-respecting banker would give a no-money-down, interest only A.R.M. to…anybody!?! Jeez Louise!

    Most laughable and, dare i say, most dangerous is the specious notion that any GROWTH economic model is built from the bottom – up. How long do people who believe this think they can stretch out golden goose left-overs? It’s hot and juicy on day one, but after the soup and the dry sandwiches and in the end some casserole with a hint of goose flavor, who’s gonna lay the eggs? MORONS!!!

    Here’s a thought for the day:

    “There’s nothing as dangerous as an educated fool.”

  3. garret Says:

    i’m sorry.
    i failed to mention in my haste and passion that the Glass-Steagall Act was repealed in 1999. Omitting that fact sort of deflated the entirety of my previous post.

  4. Michael Says:

    I have been waiting for comments on the inaugeration.

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