The truth never needs to be explained or apologized for.It stand alone as a sentinel for freedom of expression. The News is all about the financial crisis on Wall Street,and blame is being laid at the feet of the Present Administration. Most Democrats,liberal politicians and the Media blame President Bush.
While the crisis will pass as have all other financial down turns in American history, the amount of personal loss and and anguish is still to be determined. It is important to realize one fact. The President DOES NOT CONTROL THE ECONOMY, despite all the promises Obama has made to bring more welfare programs to the voters, the Congress has the Constitutional right and duty to appropriate money for all government programs.
Since the Federal Government is not a money making operation, the source of their funds comes directly in the form of taxes. The financial failures we are witnessing today are not failures of the Financial Markets,but failures of the Federal government. The Congress in particular! In 1977 the Congress passed the "The Community Reinvestment Act". This law intimidated Lenders into lending by offering credit throughout their entire market, and it prohibited Lenders from restricting their loans to customers in low risk "markets".
The reasoning for this policy was that home values would continue to rise, but as we know they did not! This essentially forced Lenders to grant loans to people who wanted to buy properties and homes that they could not afford. This also ended the policy of "redlining" poor credit risk areas and peoples. And it started the practice of using "liar loans" in order for people who could not pay for what they desired, to have their way. This I believe was a form of affirmative action, and political correctness. This like most all other government programs to promote affirmative action has caused billions of tax payers dollars with unintended consequences!!
In Michigan, the results of this failed and imprudent law has caused the highest default rate on home mortgages in the nation. The result of homeowners having a negative equity as the housing marked crashed. The significance of this singular event occurring at the same time that Our Country has a National election, is that it is rapidly becoming the most important issue on the minds of the voters. It is important,but no President can promise he will change the economic policy of this Country. Congress has that right and duty.
While we fret over the economy the Russians are rattling their sabers, and the North Koreans are testing rocket engines that will allow their missiles to reach the Continent of the USA. Then there is Iran's quest for nuclear weapons. All put on the back pages of our Media. The following report illustrates the Russians are again upon the road to beligerence! Sergei Alexandrovich Markov, Director of the Institute for Political Studies in Moscow and Deputy Chair of the Russian International Affairs Forum, was delegated by the Kremlin to explain Russia's military actions in Georgia. His explanation was crude, blunt and simplified: "Vice-President Cheney ordered the war to help the election campaign of Senator McCain". He repeated interminably that Georgian President Saakashvili is "a war criminal." American likes a weakened Russia, but Russia "will never step back." "Just as Saakashvili was elected by fraud, so the President of Ukraine is not supported by the vast majority of his citizens. Russia reserves the right to issue passports to ethnic Russians and then protect them.
He actually warned against creating a new Gavril Princip, i.e., the assassin whose shots at Sarajevo in 1914 ignited World War 1. More ominous than the substance of these crude allegations and lies was the blustering tone, signifying that not an iota of disagreement would be countenanced by Putin and his cadre.
Hostile Russian action toward Ukraine-a country of 60 million people-could trigger a disastrous war. source: "Khrushchev's Shoe Returns to Russian Diplomacy" By Joel J. Sprayregen I try not to be an advocate of conspiracy theorists. But what better way to hide the real issue to sway the American voters minds, than to down play the real threats to our safety and independence, than to stir up fears of of our economic collapse? We have weathered financial crisis before, and we will do it again after the dust settles on Wall Street. A big correction is probably a good thing, although painful. The Nuclear threat from Iran, Russia, Communist China,and North Korea will not correct itself!
WE must elect a President who will lead us strongly and tirelessly against threats to our National security, and he is not the Senator from Illinois!