EconomicCrisis.US

Most Serious Economic Crisis in Modern History

The October 2008 financial meltdown is not the result of a cyclical economic phenomenon. It is the deliberate result of US government policy instrumented through the Treasury and the US Federal Reserve Board.

This is the most serious economic crisis in World history.

The “bailout” proposed by the US Treasury does not constitute a “solution” to the crisis. In fact quite the opposite: it is the cause of further collapse. It triggers an unprecedented concentration of wealth, which in turn contributes to widening economic and social inequalities both within and between nations.
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It’s been an eventful year. From the historical election naming President-elect Barack Obama to the American throne to the most extreme and horrific economic crisis since the Great Depression, it’s been nothing short of remarkable.

As the year winds down and the holidays fast approaching, the current economic crisis seems to set a considerable damper on most people’s brewing holiday cheer. But to keep with the holiday spirit, a fresh perspective on the subject seems appropriate.

Nowadays, when anyone says or makes a reference to the word “economic” the vast majority of people think “money.” But the truth is that the definition of the word “economic” is more about “wealth” than it is about “money.”
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U.S. state and local officials are not counting on any of the $700 billion in the Troubled Assets Relief Program and instead are looking to the incoming Obama administration for a stimulus program, especially for public works, to boost their weakened economies.

Their comments followed U.S. Treasury Secretary Henry Paulson saying on Tuesday that money from the program, known as TARP, is not slated for state and local governments.

“We are looking at programs and thinking broadly about dealing with state and local governments, municipalities that would take tax-exempt financing, and we are not looking at TARP doing that directly,” Paulson said.
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This week’s question was: “Do you support a federal bailout of GM, Chrysler and Ford? If so, what do you want to see from them in return? If not, what do you believe bankruptcy would accomplish?”

Jacque Moir, city councilor:

“Part of the problem is that the American employees have such high wages that the car manufactures cannot keep pace with the foreign competition when the wages overseas are so low. The question is did we do the wrong thing when we started allowing all the imports.
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