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Front Page » September 23, 2008 » Opinion » Letter to the editor: Look out folks
Published 2,276 days ago

Letter to the editor: Look out folks


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By GIL MONTANO
Layton

Editor:

For years I've stated that the reckless deficit spending policies of G.W. Bush would bring about the financial economic collapse of the traditional American way of life that we have enjoyed for the last 60 or so years.

"As you sow, so shall you reap," or, "The chickens come home to roost" are the truest of all axioms. King George just doesn't get it: i.e., he doesn't realize that among other things, spending trillions we can't afford, in a futile no-win war would help bring about the major economic disaster we currently find ourselves in.

Well folks, we are there, like it or not. The economic crash of 2008, like the crash of 1929 will wipe out trillions of our people's wealth. Unemployment is at an all time high, 1000's are losing their jobs. Lines of credit are tightened if not frozen. In reality, this is the end of one era and the start of another.

What happened? How did we get into this unbelievable economic financial mess? Well, it's a combination of several things.

•The government and the Federal Reserve Board (FRB) with it's easy money bail out of Fannie Mae/Freddie Mac, AIG and other money markets (not Lehman Brothers or Merrill Lynch) at a cost of billions to the American taxpayers.

•President Bush and his profligate spending.

•The United States Congress and the Securities Exchange Commission (SEC) for liberating the Wall Street CEOs and moguls.

•Americans brainwashed into spending way more than they can afford: i.e., credit card debt, consumer debt, auto debt, corporate debt, etc., are all at all time record levels.

It's all over folks. We've been living on credit for far too long. No more. From now on we are going to have to live the old fashioned American way (live within our means).

Now, President Bush, U.S. Treasurer Paulson, and FRB chairman Bernaske, and their cronies are setting up Ad Hoc committees to try to bail out Wall Street, the money markets, and to strive to solve this unsolvable economic mess that they caused in the first place. This is like putting the fox in charge of the hen house.

In the meantime, we, the taxpayers are just helpless spectators. Call it gloom and doom, but I fear for the traditional American way of life. I just don't see any solution to this catch 22 economic world wide crisis we find ourselves in. Obama and McCain certainly can't resolve it.

In closing, I quote Republican President Herbert Hoover in 1929, who just before the crash stated, "The financial business of the USA is on a sound prosperous basis."

Conversely, Republicans G.W. Bush and John McCain, in 2008 have both stated, "The financial fundamentals of our economy are basically strong."

Look out folks.

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September 23, 2008
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