EconomicCrisis.US

They say that winners get to write history. Three years after the meltdown of our financial markets, it’s clear who is winning and who is losing. Wall Street — arms outstretched in triumph — is racing toward the finish-line tape while millions of American families are struggling to stay on their feet. With victory seemingly in hand, the historical rewrite is in full swing.

The contrast in fortunes between those on top of the economic heap and those buried in the rubble couldn’t be starker. The 10 biggest banks now control more than three-quarters of the country’s banking assets. Profits have bounced back, while compensation at publicly traded Wall Street firms hit a record $135 billion in 2010.
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Former Assistant Secretary of State Otto Reich warns that a U.S. debt crisis would touch off a global economic catastrophe and could have unimaginable consequences. Reich tells Newsmax.TV in an exclusive interview that the United States has “an enormous economic footprint” because it produces and consumes nearly a quarter of all products sold globally.

“If we were to have another economic crisis — I mean, look what happened three years ago, in 2008 when we had the financial meltdown,” Reich tells Newsmax.

“The entire world came practically to a standstill. A lot of Americans don’t know that, but my private business is international trade. And I can tell you that there were many, many companies that just completely shut down around the world,” says Reich, who served in the administration of President George W. Bush.
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Businesses in the U.S. unexpectedly expanded at a faster pace in June and consumer confidence reached a 10-week high, signs that economic growth may pick up in the second half of the year.

The Institute for Supply Management-Chicago Inc.’s business barometer climbed to 61.1, exceeding the highest forecast in a Bloomberg News survey, from 56.6 in May. Readings greater than 50 signal expansion. The Bloomberg Consumer Comfort Index rose to minus 43.9 from minus 44.9.

Stocks climbed for a fourth day as the Chicago group’s figures indicated manufacturing is rebounding after a lull brought on by parts shortages tied to the March earthquake in Japan. The data underscore the view of Federal Reserve policy makers that the first-half slowdown will prove “temporary,” as fuel prices become less of a burden for companies and consumers.
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From The Heritage Foundation, a Conservative Think-Tank:

“Abstract: Since 2000 about 95 percent of U.N. member states that receive U.S. assistance have voted against the United States most of the time in the U.N. General Assembly on non-consensus votes. The U.S. should inform aid recipients that their support–or lack of support–for U.S. priorities in the U.N. and other international organizations will directly affect future decisions on allocating U.S. assistance. In order to strengthen and broaden support for America’s policies in the U.N., the U.S. should also seek to build coalitions of like-minded nations that are firmly committed to political and economic freedom. Over the long term, U.S. aid could facilitate the expansion of these coalitions by encouraging more countries to become freer, both politically and economically”.
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