Economy = Effed
Remember all those people who said America was facing an “economic Pearl Harbor” if we didn’t pass the federal government’s $700 billion bailout of its own failed lending and regulatory policies?
You know … the same people who kept telling us that government had to “do something,” and who now want the taxpayers to fork over another $150 billion just to keep state bureaucrats employed while the rest of the country’s economy goes under?
Well, it turns out purchasing hundreds of billions of dollars in worthless assets wasn’t the cure-all politicians envisioned.
America is officially in a recession, people, as consumer spending shrunk during the third quarter at the fastest rate in three decades.
From MarketWatch:
Final sales to domestic purchasers fell 1.8%, the largest decline in 17 years. Consumer spending dropped 3.1%, the first decline in 17 years and the biggest drop in 28 years, while business investment fell 1%. Investments in homes fell for the 11th straight quarter.
Along with the plummeting stock market, these numbers don’t paint a pretty picture.
Which leads us to ask a simple question … if the economy was going into the tank anyway, why did we compound the problem by taking $700 billion out of the taxpayers’ pockets to subsidize this bailout?
And wouldn’t it stand to reason that handing over another $150 billion to struggling state governments would also deprive the average American taxpayer and small businessperson of additional economic oxygen?
And finally, how is electing a socialist to the White House going to turn things around?
Just askin’ …
Comments
By Gen. Longstreet on October 31st, 2008 at 12:34 pm
I kept my Confederate dollar bills and am willing to contribute them to the bailout Cause. I love a Cause.
By Dixie on October 31st, 2008 at 11:40 am
You forgot to mention the bailout for homeowners who face foreclosure. Smart people knew we were already in a recession and that the crap was going to hit the fan no matter a bailout or not. Most of us chose the ‘or not’, but most in DC didn’t listen. Apparently they think they know what’s best instead of listening to the millions of us that said No. But guess what? Lots of us still plan to say no. Tuesday, Nov. 4th in fact. Any congressmoron who voted yes to the bailout will get a big ole fat NO on election day. Personally, I can’t wait. Seems to me we’ve got nothing left to lose. Besides, who cares about losing when you have the republican federal government handing out WELFARE.
By l on October 31st, 2008 at 12:51 pm
That money was not all about that. Trust me. I know it wasn’t and there are others inside this state that know that too.
By Ex-Republican, Current Independent on October 31st, 2008 at 10:16 pm
“Corporate Socialism” is a Republican invention of late.
And it’s kind of Medieval really. The Land Owners and Rulers taxing the peasants to support their war misadventures abroad and over-indulgences at home.
Free Markets are going to give way to “Protected Free Markets” at the nation level.
The only way to balance the evils of “Corporate Socialism” is to counter it with “Citizen Socialism.”
By Gillon on November 1st, 2008 at 11:53 am
This column displays such ignorance that it really doesn’t merit comment. However… I would suggest that you retake Eonomics 101 and perhaps a course in Modern American history with an emphasis on the 1930’s. Your comment … ‘if the economy is going into the tank anyway, etc… is like saying that if a person gets sick, why waste money on doctors and medicine, they’re going to die anyway.
And the comment about socialsm and Obama. The Nazis and the Communists together couldn’t have screwed up this country’s economy and foreign policy any more than Bush and his fellow Republican right-wingers have in the last eight years. The only consolation in all this: Republicans will reap what they have sown. Tune in Tuesday night and prepare yourself for a Democratic landslide across the board.(except of course in this poor, benighted state) We seem to revel in “conserving” the status that as a state we stand last nationally in most of the good categories and first in the worst ones.
By rick on November 1st, 2008 at 3:27 pm
Gillion, when you finally wake up to the realization of how badly you’ve been duped into following a socialist….please do the rest of us a favor and take two or three of your ilk to hell with you. Go play in Traffic….
By chilly water on November 3rd, 2008 at 2:30 am
All members of Congress who voted for the illegal bailout must be fired, I dont care what party they are in or whether they are “conservative” or “liberal” whatever those terms really mean. It is time for a clean sweep!
I will be voting for constitutionist Democrats Bob Conley and Rob Miller who should ably replace the morally bankrupt neo-cons Lindsay “Grahamnesty” Graham and “Robot” Joe Wilson. In fact, Grahamnesty and Robot Joe have never represented the PEOPLE of SC…their actions and records show that they only serve the powerful and wealthy corporate interests that bankroll their campaigns. Their shameless support of the infamous bailout is the most compelling case in point. Hopefully SC voters will remember this betrayal and not let scoundrels Graham and Wilson hide behind their “republican” party label.
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