When Obama took office on January 20, 2009, the U.S. and world economy was on a free fall. This did not happen overnight. It was the result of years and years of bad policies and regulations. So, the immediate tasks had two major components: Short term and long term fixes. Short term fixes were to stop or decelerate the downfall and revert it back to growth, ASAP, and the long term fixes were to change and improve the policies that caused it. Problem was that there were proposed very different and even conflicting views about what caused the crisis. Hence the proposals for fixes were extremely diverse, as well. Regardless of your take on the causes of economic crisis, these were the undeniable facts about U.S. and world economies, and the resulting global recession, which in it’s extent was very close a depression:
1) Jobs were getting lost at a very high pace.
2) Most real estate was facing a rapid fall in value, putting owners and creditors under water and resulting into very high foreclosure rate.
3) World’s leading financial institutions including banks, insurance companies, investment banks, mortgage companies and real estate companies were failing at a record rate.
4) There was a serious credit crunch, making it near to impossible to get money for anything, including business, further worsening the job market.
5) A very large portion of population was losing healthcare coverage and was dropping out of educational institutions, pointing towards a looming healthcare crisis, in addition to what was already happening, and threatening a future with less qualified individuals available for business, growth and development.
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Whether or not it was caused by bad or excessive government regulations, there is no doubt about it that the world’s leading institutions showed extremely bad business practices, recklessness, profiteering, deception and corruption. They were not in trouble for no reason. They caused it and they deserved it. What common sense and principles of Capitalism would suggest and require in this case? Of course, it’s bad business. Just like they are free to reap the rewards of good business, they should have faced the consequences of bad business, too. Guess what? This is not what actually happened. There was a huge uproar from politicians, sold out to lobbies, and corporate owned media that letting these multinational banks go down will ditch the U.S. and global economy for ever. We will be in deep trouble and it will be extremely difficult to get out of it. Every major news channels, all big corporate owned radio stations, news magazines, newspapers and websites, were trumpeting the same tune. We must bail them out and we must bail them out now. There is no time to think. Sky is falling. Why? Because they didn’t want to give us time to think. Making us think was not their goal. Forcing us to make an impulsive decision was the aim of all that chaos, deliberately created to confuse us. President Bush, finance secretary Paulson, Fed chairman, so called financial gurus and political experts, everyone was telling us to not think. Force your elected officials to vote for bailout, now. What a mess?
Unfortunately, that disinformation and propaganda campaign won. Although, the Democratic run house had the courage to block it the first time, their action was labeled as the political gimmick, way too risky and against the national security and interest. I remember, under the influence of big media propaganda, people saying that they wanted to kill Nancy Pelosi. Just because she was the speaker of house which blocked the bailout. I said, “Are you insane. This is the right thing to do”. Very few people had the courage to stand up to that nerve racking propaganda. Bill went through Congress in second round.
Unfortunately, that did not end here. After the bailout, with the new administration and government in White House and Washington, there cams another stimulus pack. This was a bit better designed then the so called emergency rescue package, which trapped us into problems for very long time. Result? About two trillion dollars of tax payers money was handed over to the people who committed some the worst international crimes, in the history of world. Nobody knows, how many additional trillions Fed has handed over to banks, U.S. and foreign, on the lowest interest rates, because, legally Federal reserve, a consortium of multinational private banks, cannot be audited. I say, there should have a very loud outcry to send all of them to jail, forever. Instead, media made it look like that whole world was on their side.
We were told that the bailouts would break the credit crunch and a regular flow of money will be started, soon. Under water homes and mortgages will be rescued. Business as usual will be started. Businesses will be able to get the money they need to run the every operations and will be able to do what they needed to do. With enough financing and money available and markets coming back to normal, businesses will start rehiring. Have you seen any of that, yet?
Of course, not. Why? Because that was just a hoax. Media and crooked politicians were successful to divert our attention from the crimes committed by executives of these global corporations. They were able to save their asses and get trillions of tax payers money in reward for enormous frauds they committed. What a pity? Unbelievable!
If those mischievous corporations were allowed to fail, we would have naturally and obviously got rid of the most corrupt, inefficient and incompetent corporations and executives in the world. They would have been replaced by smaller, fair playing companies. There would have been no too big to fail dilemma, at least for a while. Instead of that, we placed same crooks back to the helm of affairs. As soon as they got money, all the promises made were forgotten. Tax payers money and the money borrowed from China, at the expense of our next generations, was used for millions in executives bonuses, to the people who originally messed up those corporations and global economy, at the first place.
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