Obama and the liberal left have embarked on a spending spree disguised as stimulus that may well drive this country into a real depression.
The Stock Market has opened much lower today and could this week very well set a new 52 week low. How LOW will it go? No one really knows and that's part of the problem. Wall Street knows that sooner or later this economy will tank (it hasn't yet). They know that eventually the bill comes due for all this spending and they know that taxes will have to go through the roof for that debt to be paid.
Most Obama supporters I know wouldn't think about dropping their kids off at a shopping mall and give them a "no limit" credit card, yet they are totally "OK" with a record spending , err "stimulus ' bill that the office of management and budget said we would be better off to do nothing!
The United States is operating on a high interest credit card and the bill is coming due and soon and we the taxpayer are the ones that will foot the bill with record taxes!
The "little guy" investor has changed most of their 401 investments to bonds, better to not lose anything , than suffer the losses they have in the last few months.No one knows how many American have yanked their money out of the bank entirely and shoved it in a mattress. There have already been 13 bank failures this year . Four were announced this last Friday and is estimated to cost the FDIC 341.6 Million dollars.
This housing crisis bill could add another 50-100 Billion dollars to our national debt while Fannie, Freddie and HUD are wholesale dumping foreclosures on the market at pennies on the dollar.Many in the housing market expect at least another 14-15 percent drop in value before the real estate market hits any sort of "real bottom" and many won't commit that that is the "real bottom".
This non specific "Bank Bailout" may rely on public/private investment in the banking industry to buy up "toxic assets". Yet there is no specifics on just "who" in the investment community is going to want to buy worthless assets that are still going down. Possibly 2 TRILLION more debt.
Like a cultist escaping in the middle of the night many Americans are realizing what a mistake was made. This country cannot work with the record breaking federal deficit , a deficit that we the Taxpayers will have tom pay, and our children and their children.
Pelosi and Reid may be riding high at the moment but by 2010 they may have to get used to 'minority status" again, perhaps for a very long time. In 12 months if the market is at 5000, unemployment is 10-12 percent, and many state and local governments are bankrupt the Obama "rapture' may be over, and some sort of common sense may once prevail with the American public lets hope it isn't too late..