I appreciate former speaker of the U.S. House of Representative Newt Gingrich for his intelligence, achievements, plans and contract for twenty first century America, and want to congratulate him on his victory in South Carolina Republican primary. I think, Newt and Paul are only two formidable candidates in Republican race, who have real plans and solutions for America.
Having said that we know that people on far right side of the aisle have always argued that it is capital that generates wealth and jobs, while people on far left argue that it is labor that creates wealth and jobs. A factual analysis of history tells us that both of them are wrong. As a matter of fact the following equation depicts the truth about productivity and prosperity:
capital + labor = wealth + jobs
Yes, it is the combination of capital and labor that generates wealth and jobs, not the capital alone or labor alone. Capital cannot generate any jobs in the absence of labor and labor cannot create any jobs without capital. We have heard enough of the rhetoric that businesses create the jobs, hence they need to be protected and their taxes needed to be cut, while regular tax payers need to keep bailing them out from the consequences that are the result of stupidities done by business executives. 2007-2008 recession was the result of policies run by Freddie Mac and Fannie Mae and not a combination bad policies on the part of these two government agencies and big private banks. What? The economic and financial meltdown happened not just because Freddie Mac and Fannie Mae were running bad policies, but also because large and multinational private banks were bundling up securities in a way that nobody really understood and justified, in a proper way, advertising those day and night, and selling the sub-prime and bad mortgages to the people. Now, their argument is that it was the fault of people who were buying the mortgages they could not afford, not the fault of banks who were selling those. It is because, in accordance to their theory, it is not the responsibility of seller to make sure, what they are selling are sound products. It is the responsibility of only buyer to make sure that they are buying sound products. So, what do they think about a company that sells infected meet and the buyers who buy it. Is it not the fault of the company which did not maintain proper quality control and breech the trust of buyers and the rules of honesty? Rather then it is the fault of a buyers, who trusted that company, spent the money on their products and then got sick because the product was bad? How stupid and lame is this argument? Freddie Mac and Fannie Mae are responsible because they guaranteed the sub-prime, bad and tricky loans. Understood, and point taken. But, the notion that multinational big banks and insurance companies, like AIG, were just stupid kids who did not know what they were selling and insuring and they have a right to sell whatever and anything that consumers and customers may buy, is ridiculous. I believe government run mortgage agencies and private banks and insurance companies were equally responsible for the crisis. At the top of this, transferring the burden of almost two trillion dollar bailouts to tax payers, who were actually the victims of crimes committed by these government and private agencies and companies, is even more outrageous.
I am sick and tired of the fact that Republicans, conservatives and people from right single out Freddie Mac and Fannie Mae, and completely rule-out the role played by multinational, big private banks and insurance companies in 2007-2008 economic and financial meltdown. In addition to this, their crowds of Republicans voters may enthusiastically clap and cheer on the statements and speeches that give and idea that this world did not exist before January 2009. But, for general voters and independents, these statements and speeches are sheer stupidity, and misleading and incorrect. This is the reason why Barack Obama is still beating every single Republican candidate in all national polls, with the exception of very few that show that Romney may beat him. I mean, how stupid it is to talk like that unemployment, and budget deficits and U.S. national debt are all Obama’s fault? Do they have serious recent memory loss? Or they are just dishonest and want to deny the facts and want to live on a fantasy land, in which they can easily get away with misdoings done by their party’s government, just by blaming someone else, who was not even there when all this happened?
Regardless of all this blah blah, these are a facts:
1. There was Republican government in power when recession happened
2. That government got a budget surplus from previous Democratic government, which it turned into largest deficit in our history, at that point.
3. Barack Obama took office in the middle of a global crisis, the worst since great depression.
4. Due to a very enthusiastic election campaign, in the middle of a huge crisis, most people had way too many and way too much of expectations from Obama.
5. Recovery has been much slower then most people expected. But, there has been a recovery. We are not going downhill any more. The GDP is now from minus five percent in 2008 to over plus three percent last year.
6. Contrary to 2008, when we were losing hundreds of thousands of jobs every month, we are now generating hundreds of thousands of jobs every month
7. Out of all countries in the world, that were seriously effected by global recession, recovery in United States is the best, so far. This is the reason why the capital and investments that were flowing away from United States in 2008, one of the big reasons for stock market crash, are now coming back to us and resulting into a sustained growth in U.S. stock markets.
8. Free fall of dollar has stopped and our currency is performing far better then most other major currencies in the world.
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