..."The system is failing because it was designed to fail. The impending economic crisis is no accident, but the predictable outcome of deeply flawed policies that are pushing the country towards a 1930s-type catastrophe."
Do you agree with this statement? In other words, are American consumers intentionally being brought to their knees?
And if so, do you believe it's being done for the purpose of making the masses more vulnerable and thereby easier to control?
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http://onlinejournal.com/artman/publish/article_2866.shtmlThe White House is in full-panic mode. In fact, the falling stock market has the administration so worried that they've concocted a “stimulus package” to rev-up flagging consumer spending and keep the economy on life-support.
The desperation is palpable. Fed chairman Ben Bernanke's appearance on Capital Hill last Thursday turned out to be a total bust. Bernanke was supposed to calm jittery investors with promises of rates cuts and easy credit but, instead, his gloomy predictions put the Dow Jones into a 306-point tailspin. Now it's up to Bush to try to restore confidence in Wall Street and allay the growing fears of a recession.
Since we first reported on the proposed “stimulus package” (Bush's Voodoo Stimulus Package), the size of the rebates have increased dramatically. The Democratic-led Congress was only calling for $250 per taxpayer or $500 per married couple, but under the White House plan, taxpayers could receive rebates of up to $800 per individual or $1,600 per couple. The rebates will accompanied by additional cuts to the Fed Funds rate (estimated 50 basis points) which will provide more liquidity to the banking system and easier credit for consumers.
The administration's desperate actions should remove any lingering doubt that the main problem facing the economy is inflation. It's not. The moves are intended to forestall a deflationary spiral that is the natural corollary of seven years of intensive neoliberal policies. Ironically, now that Bush has achieved his goal of crushing the middle class and destroying the foundation of America's consumer-based economy; he has decided to change directions and shower those same overextended workers and subprime homeowners with a $150 billion gift from the government. So, what gives?. . .
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