Tuesday, November 4, 2008
Failure of Congress
The financial disaster occurring in America, and for that matter the world is the big train wreck that was waiting to happen. The country has been so involved in creating wealth no matter what the cost, that the public has been oblivious to the situation in Washington. Members of Congress have been so involved in their elite status, counting their stock wealth, taking those vacations furnished by lobbyist, and in essence ignoring their real jobs that America is now facing the greatest financial disaster in history. There was something outlawed 100 years ago called bucket shops that was apparently similar if not the same as what took place over the last few years. Apparently about 8 years ago Congress (Democrats & Republicans – this is not a party problem) allowed changes that once again gave free wheeling crooks the green light to rape the country and the citizens. These credit default swaps were the train wreck waiting to happen while members of Congress enjoyed the big life. Deregulation can be good in certain areas, but not where the financial health of America is concerned because there are just too many greedy jerks in the country and the world. Numerous individuals have become very wealthy at the expense of the country during this crisis. A good suggestion would be for all members of Congress, other than new members elected this year, to resign, forgo their big pensions, and get out of town! Congress continues to give themselves pay raises, but should cut their salaries to $95,000 and that would still be more that twice the average income in America of about $45,000. Their pensions should also be revised downward. The citizens should demand this action. The election on November 4th will not solve the problems of this great country and it is questionable if the taxpayer-financed bailout being conducted by the “great minds” in Washington will solve or even ease the financial crisis. One big question is how much of this money will actually return to the government and how much will the national debt increase for future generations.