Politics of fear -- on a financial level?

I watched the debate on CNN on the internet. During one of the breaks, CNN switched to a clip from a speech Bill Clinton was giving at the same time as the debate. In it, Bill Clinton stated something to the effect that you if you hit your banker in the head in the morning, he's not going to give you a loan in the afternoon. He seemed to suggest that we, the people, had better grovel before our financial betters if we want to be able to borrow money from them in the future. Sorry, I could not find a link.

I'm sure some of you, however, also saw that clip.

Is this the same old politics of fear, but this time fear of the financially powerful rather than of the terrorists?

Let's review the history looking backwards from the current situation. We are in an economic crisis. We are told that it is worldwide.

The fact is, however, that it started here when our irresponsible federal reserve lowered interest rates to an unrealistic level and kept them there in order to pacify the public while Bush and his friends plundered our country. To cover up what was really going on, lending institutions created new financial vehicles aimed to keep ignorant Americans in the dark about just how badly they were being robbed. Homeowners (and buyers hoping to become homeowners), squeezed by stagnant wages and rising housing prices took the bait and accepted risky mortgages on their homes in exchange for cash. They quickly spent the cash on consumer goods made overseas. The goods were paid for with money borrowed from overseas, and through this means, America's debt and reliance on foreign banks increased.

Meanwhile, Bush waged a war funded by money he borrowed from international lenders. The war was, to a great extent, an excuse to transfer America's assets directly into the coffers of companies like Halliburton and Blackwater. This all, of course followed the terrible scandals of the early years of the Bush administration including Halliburton caused by the cheating of America's corporate leaders (some of it begun during the Bill Clinton presidency). One common thread links the scandals of the loan scam, Enron, the war and the current situation: theft of the American people by the corporate elite. First they stole our jobs , then they stole our money.

I would correct Clinton's analogy to more accurately reflect our situation as follows: In the morning the international corporate elite hit America over the head. Now what do we do? Grovel?

Hillary's answer is obviously yes. Bill told his twisted version of the facts on her behalf. Obama's answer can also be surmised: "Look, let's all just sit down at the table and talk together. So what if these guys stole us blind, we can resolve in a friendly way. After all, I bring people together and that's all it will take -- a little of my magic and everything will be fine."

One man has a different answer. He has spent his whole life fighting for the victims of corporate greeed. That man is John Edwards. He is the right man for the moment. I'm voting for John Edwards. I will not become violent, but I will not grovel either. I hope you will vote for John Edwards too.

On DU today, I've been hearing all about these "radical Edwards supporters". All those pesky facts and figures we have to
throw around instead of all the political hyperbole makes us "radical", I suppose. lol

"One man has a different answer. He has spent his whole life fighting for the victims of corporate greeed. That man is John Edwards. He is the right man for the moment. I'm voting for John Edwards. I will not become violent, but I will not grovel either. I hope you will vote for John Edwards too." JDP

it's more a result of rampant de-regulation

greedy brokers

....and, greedy people

like the lower middle class couple who took out a home equity loan to finance a $10K wedding and major home improvements....pure short-termism, feelings of entitlement, no concept of saving or living within one's means

otherwise, the crisis is real

and that's great

i'm hoping for a total meltdown

it's the only short-term hope for the environment

John Edwards described the mother who could not heat her house and pay the rent. We will see more and more of those choices. There are better ways to save the environment.

You are correct to blame the foolish greed of many Americans. But, frankly, who is inspiring them or us to limit ourselves. The television, magazines, even the internet blare "Consume, consume, consume" all day. $10 K sounds like a lot for a wedding, but many a wedding costs far more. When my daughter wanted to get married, our church, the church she attended for many years, quoted her a price of $2000 just for the church, and then there is catering and the gowns and the flowers and a D.J., and, and, and. People made major home improvements on the mistaken belief that their homes were worth much more than they were and would become worth much more after the improvements. It was all hyped on people. Most people do not do the math. If they did, they would consume far less.

We stopped watching TV some years ago. You would be surprised how much less you consume if you just turn off the TV.

a book out years ago....about the funeral industry by jessica mitford.....same type of book out recently about weddings...

how do you get people to resist peer pressure and advertisements? how resist the pressure to conform to our sick culture?

i just don't have sympathy for the folks who raided their home equity piggy bank for all those home improvements....

why do they need to be inspired to save or to not spend? what about character? how come they never learned self-control? or living within one's means? why do they need some external leadership or inspiration? are they that imbecilic?

they didn't have to have a home that was worth more...that is greedy in itself....they simply wanted more.....a home worth more... more granite counter tops, more viking ranges, etc......why more, more, more? because of our shallow, materialistic, sick culture....and people who feel hollow unless they're out purchasing objects

they don't need all that crap, they simply want it....it's for status, to feel whole

as for the folks freezing for lack of heating oil.....they *are* truly needy and have our sympathy....but they are in the minority.....though often used as the example....

so, once again, i'm hoping for a major meltdown

maybe that will get folks out of their range rovers and other ghastly suvs