Posts Tagged ‘double dip’

“Financial Crisis: Made In America by Republicans!”

The cause of our financial crisis was deregulation—plain and simple!

Deregulation over the past 30 years has devastated the middle-class, thrown more families into poverty, while allowing the wealthiest Americans to become even wealthier.

As described in, “Double Dip: A Republican Conundrum!” we are about to feel the pain of recession again in the form of a double dip in the stock markets. Despite their complicity the Republicans continually decry re-regulation at a time when the entire global financial system is in distress as a result of their policies.

Every one of the financial crises was the result of deregulation and deregulation is a Republican ideology. These crises include:

  1. The Savings and Loan Crisis. Deregulation of the S&L industry was pushed by Reagan and Republicans.
  2. The dot.com bubble, created and allowed to overheat under a Republican Congress and a complicit Democratic President.
  3. The bankruptcy of Enron, WorldCom and a number of other large corporations as a result of the Commodity Futures Modernization Act, a Republican bill pushed by Phil Gramm.
  4. The largest financial failure since The Great Depression caused by passage of the Republican backed Gramm/Leach/Bliley Bill, signed into law in 1999 by a complicit President.
  5. The housing bubble blamed on Democrats but embraced by a Republican majority Congress, a complacent Fed Chairman, and a complicit President.
  6. The numerous bankruptcy laws enacted by Congress, each allowing the financial services industry more devices to steal from the people and help their corporate friends.
  7. TARP (Toxic Asset Relief Program), an unpopular bank funding program pushed by an incompetent Republican President and a duplicitous Secretary of the Treasury.
  8. The AIG Bailout from TARP, a money laundering scheme to transfer $64 billion dollars to Goldman Sachs and 8 other troubled banks.
  9. The British Petroleum spill in the Gulf, a failure on so many levels and one of the most devastating environmental events in our history.
  10. The failure of LCTM as a result of an unregulated derivatives market still supported by Republicans and some uninformed Democrats.
  11. The Bernie Madoff ponzi scheme which festered under a weakened Republican Securities Exchange Commission.

In nearly every example Republicans had help from some Democrats. But these are all Republican backed initiatives—failed policies that have caused varying levels of pain and suffering. Most have added to the erosion of the middle-class.

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Posted in Economy, Politics, Republican Crises | 5 Comments »

“Surrounded by Warning Signs!”

Could the stock market still feel the pain of a double dip?

The market had a huge scare last week which left Wall Street reeling!

Traders, analysts, and everyone on Wall Street are worried that this might not just be a glitch. They’re calling it a “flash crash” but it could be one of the many warning signs that the market is just two converging economic crises from a meteoric fall to a new bottom?

The new bottom—a more realistic bottom given all the band aids that have been applied to this economy—could be the second leg of the double dip. There is compelling evidence, largely ignored, that the March low of 6,547 could be tested again.

Despite the rising markets there has been a pall over the trading floors for sometime. And rightly so. The signs are there and they are many.

But does that indicate a double dip?

Last Thursday, David Hefty, CEO of Cornerstone Wealth Management appeared on Squawk On the Street and identified several of the huge warning signs that threaten the global markets.

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Posted in Economy, Markets, Wall Street | 1 Comment »