2008 Political Reading Checklist discussion

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What's Happening to America?

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message 1: by Stephen (new)

Stephen Cafaro (stephencafaro) In the past month, the Federal Reserve has injected over 600 billion dollars in the economy in an effort to soothe some rather frantic financial markets. The largest generator of mortgages in the world, Countrywide Mortgages, is being purchased by Bank of America in order to avert a potential bankgruptcy. Bear Sterns, a major financial broker, saw its stock go from $70 a share to $2 a share in 24 hours, even after the Federal Reserve loaned the tottering firm over 30 billion dollars.

Meanwhile, the real estate market is in a free fall as short sales, foreclosures and skimpy sales lead the way to declining house values. Add to this the crisis in our mortgage industry and it appears millions more may soon be losing their homes!

The Fed has dramatically reduced interest rates in order give the economy a boost. And now, the government has decided to give the FED new economic powers thereby changing large pieces of our economic infrastructure. The stock market continues to have huge swings while the dollar continues to be devalued in the world markets.

My questions to each of you is -- What's going on in America? How severe is this financial crisis? Why is such dramatic action suddenly required to correct an economy that our leaders continue to claim is fundementally sound? Can our country survive the economic impasse? Have our leaders and our government officials failed us?


message 2: by Jan (new)

Jan | 5 comments It depends on who you mean by "us". What has happened is a direct result of the policies and programs that began on January 20, 1981. what is happening is no accident and quite predictable. Remember for those in George Bush's base (the haves and the have mores)--his words-- things are great. The government has only failed those who are not part of "the base"


This is a good time to recommend a few books:
1. Ravi Batra's book,The New Golden Age: The Coming Revolution against Political Corruption and Economic Chaos.

An analysis of the economic forces at work and the deception and lies that allow the destructive policies to happen.

2.Thom Hartmann's book, Screwed: The Undeclared War Against the Middle Class - And What We Can Do About It.

One of the most valuable parts of this book is the itemization of the steps we need to take to reclaim our government and rebuild the middle class.


3. David Cay Johnston's book, Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You With the Bill)

I had the opportunity to hear him speak. A memorable line "Trickle-down economics should more appropriately be called Niagra Falls up." He then explains how and why.

These books are all in GR and can be accessed through my politics--economics-and-society bookshelf.



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