On the Economy
Letter to the Editor:
In remembrance of the years of countless e-mails warning our legislators, and media, about pending doom coming in our economy, and that we as a nation were teetering on the edge of financial collapse, I must say I told you so.
I was mocked back in my college years for espousing my fears, and even accused of being mentally imbalanced as of late for stating what seemed to me to be the obvious. That being that our government's spending was so far out of hand that we were beyond any turning point of being able to balance a budget and pay off the national deficit.
First was the slow loss of millions of jobs going from America to Mexico, as due to the North American Free Trade Agreement written by the Clintons.
Then the coming retirement of 37 and 1/2 percent of our citizens, the largest generation in our history by number. Nearly 40 percent of our citizens are baby boomers all retiring at the same time, leaving the work force and no longer paying taxes while expecting to receive social security from an emptied fund. The money that was supposed to be set back for their retirement was given out to bail out failed social programs, or the failed socialism, here in America and in other nations.
One of those failed social programs bankrupting America was of course the Fanny Mae and Freddie Mac disaster. This was unconstitutional at it's core, and did what our founding father's feared in creating big government taxation for socialism.
In the attempt to create a one class system our liberal legislators made the tax payers the co-signer of millions of loans, even after the first five years when it became plain that 85 percent of those loans would default and the homes be repossessed netting the loss of billions of tax dollars. The shear mass number of defaulted loans went ignored as us Libertarians kept ranting about the huge sums of money these programs were being granted from our legislators. Those repossessed homes became well known as HUD homes, as they flooded the market. When 85 percent of the loans default, you have a flooded market of repossessed houses, and a budget so far in the red that there is no hope of recouping loss.
Now our federal government, and our elected officials, have made more decisions that we fear, by bailing out privately owned business with literally over trillions of dollars. Banks are privately owned and do not deserve our tax money saving them when they themselves bankrupt. They bankrupted due to delving out loans to those that they knew should not have been approved for a loan, yet gave them loans despite any real common sense being used in their decision to loan said money.
The banks are bankrupt, and being "bailed out" by what seems to be a child like attempt at saving the state of our economy by literally printing up more money to throw at the problem. This as we know from watching past economic collapses does not work, and will only ensure hyper inflation. The end of which is total collapse, and a usual "change of the money" by changing the currency in order to scrap a failed system.
Are we now headed for hyper inflation? We hope not, as many of us remember the early 1990's European economic collapse that saw hyper inflation bring the price of a loaf of bread to 65 dollars, and by that evening the price rose to 120 dollars per loaf of bread. This lead to total collapse, and later a Euro dollar, which many of us foresaw but were reprimanded for speaking of the coming currency change.
We are not only suffering from bankrupting banks, and searching for answers for the FDIC guaranteeing that our money is safe in the banks by this government backed insurance plan. This in hopes that fear will not cause the wealthy to remove their money from the banks and stock market out of fear of loss, and therefore collapsing our system. We may see this as Alan Greenspan retires from his position as Secretary Of the Treasury Department, whom is the libertarian that saved us from the Carter era recession. He replaced the man responsible for the high interest rates that ruined the economy of the 1970's, and immediately stopped the 24 percent interest rates on home loans that this liberal had imposed. Having a liberal appointee appointed by Mr. Obama replace Mr. Greenspan may stir up fears from those that remember the Carter era, causing them to remove their money from the stock market and banking system, and bring total economic collapse globally! Those that remember the last liberal sitting in the seat as Secretary of the Treasury Department may so wreathe in fear that they would rather bury their money in their back yard than trust such a failing system.
What can we do as citizens, just secure your money and pay off debt as quickly as possible. Prepare for the worst!
- Carrie Geren Scoggins, Libertarian Party TN, Cleveland, TN