Monday, September 15, 2008

Fasten Your Seatbelts

Lehman Brothers fails and Merrill Lynch becomes part of Bank of America, which soon will be called, The Only Bank IN America, and the Federal Reserve "loosens" guidelines on loans to banks clearly not having learned any lessons through the subprime crisis, I have to wonder: How are we different than China?

I sincerely believe in fifty years, people will look back at the rise of the middle Class in China and the demise of it in America and see parallels so simple it'll be taught in elementary schools.

Are our working standards oh so much better than China's? I would argue, considering the level of wealth in this country, no. While very serious human rights abuses happen in China, especially in rural areas, I look to our own middle class and see people working 50, 60 hours a week at jobs once touted as "9 to 5."

We have one bank. "Private" corporations get to do whatever they want as long as they pay the government it's piece of the action, also known as lobbyists. People in positions of power do well. People blocked from access to that power remain stuck in the previous century's economic opportunities.

We'll look so ridiculous in the history books, banging out Patriot Act chests saying "But we have FREEDOM."

We aren't free. Our electoral system is a joke and it's not a huge conspiracy that voters in Michigan will be under scrutiny as the Republican party are planning to man the polls with lists of people in foreclosed homes, requiring an additional proof of residency for them. They are doing it out in the open, in front of the media.

Back to the landowners only days, I guess. Don't want any dissidents in the voting lines.

Oh, wait, only the Chinese have dissidents. We have crazy, irresponsible people who are imagining a fiscal crisis in this country.

Why do I have a feeling the kind of vote caging in Michigan is going to happen across the nation? That we will all be called again to stand behind the American Flag in unity rather than contest another stolen election, as we were admonished to do in 2000?

Fannie Mae, Freddie Mac, Lehman, Merrill, and AIG running around like a crackhead begging for money and the only one fool enough to give it is the Federal Reserve.

Fasten yourself belts, folks. There is more to come.

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Anonymous Anonymous said...

so fucking frightening.

3:52 PM  
Blogger Sue J said...

the only one fool enough to give it is the Federal Reserve.

Or foreign banks -- China, perhaps?

3:58 PM  
Blogger Sara said...

oh, I don't think China would gamble on AIG. they are a mess and have been for some time.

honestly, they should fail. unfortunately, they will take many people down with them. because they were allowed, through govt. intervention and Bush policies, to keep going.

I just heard Wachovia is soon to be on the chopping block.

it's going to get much worse.

6:09 PM  
Blogger Sue J said...

Oh great. That will make Wachovia something like the 5th bank of mine that has been taken over by someone else....

How do the American people not see that this is a result of the lax banking rules put in place by the Republican party? Phil Gramm wrote the legislation, and he's a McCain adviser, for god's sake.

6:41 PM  
Blogger Sara said...

sue, phil says this is all a figment of your imagination. get over yourself.

7:07 PM  
Blogger Sue J said...

I'm sorry -- was I "whining" again?

7:45 PM  
Anonymous Morgan said...

Sure China would gamble on AIG. AIG insures bank securities for banks all over the country. Call in the securities, the tremors begins. More banks go under and China owns more banks and the properties held by those banks. Our nation will not be taken over by force, only by finances. Countries know we have enough bombs,nuclear warheads and fear to stop anyone in a war. They also know that the U.S. is so greedy, we won't take the drastic steps necessary to stop the floodgates of our demise from opening. Yes, our nation will go down clutching their "In God We Trust" greenbacks in their fist. Gee, I don't know, call me cynical.

8:52 AM  

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