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The Week that America Woke Up to the Economic Crisis
George Washington’s Blog
Tuesday, July 22, 2008
Last week, for the first time, the average American woke up to the fact that our economy is in trouble.
Despite Bernanke and Paulson’s pep talks, despite the happy talk by the talking heads, despite the cooked earnings reports desperately being put out by the banks and others, last week people still got – on a gut level – that the economy is in mortal danger.
The failure of IndyMac and the fact that Freddie and Fannie are on the ropes are what finally woke people up. The cracks in our financial system have become so big that the crew trying to maintain the facade simply can’t paint over them any more.
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Everyone I talk with – from the construction manager, to the baker, to the lawyer, to the doctor – are now all are in a holding pattern . . . They’re all just waiting to see what happens with the economy.
None of them are making big purchases, or starting new ventures, or jumping into new investments. All of them know that there are big problems with the U.S. economy, but are hoping that it turns around.
So what? Who cares what the people I’m talking to are doing?
Because the same thing is happening all over the U.S. That means that the economy is quickly freezing up. And that means a depress . . . er, a very severe recession.
And everyone you’re talking with is saying the same thing, right? (That’s probably why you’re reading this . . . you already know its true from your own experience).
As Reuters puts it:
“The nightmare scenario for U.S. economic authorities is here: confidence in their ability to rescue the country from a housing-led financial panic is now at its lowest level since the crisis began.
This means losses for investors, already totaling nearly half a trillion dollars, could mount even further over the next few months, with implications for business investment and the overall health of the economy.
***
Saturated with bad news, investors appear to have thrown in the towel. As they do this, the risks that both consumers and businesses will face further retrenchment at the same time is growing.”
Last week was a huge turning point, when the average American could no longer be tricked by the fast-talking ponzi scheme salesmen. Last week was the week that America woke up to the economic crisis we’ve been facing for a long time.
On a positive note, everyone I speak with now finally understands that the war in Iraq is a large part of why our economy is sinking like a stone. And see this. Once they get that, the pressure to get us out of Iraq will become very strong. Hopefully, the economic crash will help wake people up in other areas as well.
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29 Responses to “The Week that America Woke Up to the Economic Crisis”
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July 22nd, 2008 at 4:47 am
Alot of people still haven’t amakened to the problem yet.
I hope it crashes absolutely!
July 22nd, 2008 at 5:16 am
As much as I would LOVE to blame Bush, unfortunately, Bush is not the reason for this crisis. This was something that was oncoming for 30+ years.
The war did not cause us to abandon the Bretton Woods system and allow the dollar to float freely.
The war did not deregulate Wall Street and allow the derivatives industry to fly into the “Never Never” land of trillions upon trillions (that’s trillions with a “t”) of dollars worth of bets which are leverages upon each other like a house of cards.
The war did not create the tech bubble of the 90’s with notorious institutions under investigation (until the investigation building literally blew up on 911) such as MCI WorldCom.
The war did not create the housing bubble as a last gasp to hold up the fake economy for a few more years. Greenspan did that when he lowered interest rates, and the government helped him, by deregulating the industry further to allow for salesmen to sell mortgages to Wall Street and hence not take the risk of the sale as they had been previously required. Obviously, if you don’t take the risk of the mortgage, you find anyone with a heartbeat and throw them into a house without any concern that they pay you back because Wall Street investors are stupid/greedy enough to buy the garbage simply because the “stock looks good”.
Stop bailing out Wall Street. That is the first step. The next step is to have the government issue credit. NOTHING else will work. If you disagree than you’re just a “joker” who wants to watch “Gotham” burn. Hint hint: No matter HOW rich you are, you won’t come out ahead on this one. http://www.larouchepac.com/hbpa
July 22nd, 2008 at 5:47 am
Ya sure, what can the sheep do now, seriously? It is already too late.
And by the way, Bush is the one who caused the sub-prime loan to drag the US economy down, and he is the reason why so many black people in New Orleans had to suffer. He did not save them when he could. No wonder FEMA didn’t do much for them.
The New World Order, will eventually come. And what can we do? Nothing. Seriously, what can YOU do? WHAT? Huh? So you woke up, and? AND? Do what? Are you gonna attack the White House or something? Ya right. Or are you gonna protest? Does that do anything?
It is already too late. It will crash. For the North American Union and the New World Order.
July 22nd, 2008 at 6:29 am
No, they haven’t awakened to the problem. I hope it crashes completely and utterly too. I am coming to believe that it’s only by the sheeple losing everything that ‘real’ progress will ever be made… and that is NOT re-building what we have now or anything like it. If that happens I have wasted my time. To me it appears that the slaves want to rebuild the slave pen. Crazy!
July 22nd, 2008 at 6:34 am
Wow Joe… I think you’ve left the reservation. You really think Bush has the brains to influence or determine economic policy to the extent of sub-primes loans. That was the banks themselves…
And the “black people in New Orleans” as you call them…good job deterring blame from the Democratic congress and house. Prove to me they tried to help themselves… Instead of standing their with their palms out waiting for help.
The economy collapsing only happens if we ‘Shock and Awe’ Iran. Bank earnings have been “ok”… so far. The gov’t will bail out FNM and FRE.
Once the banks get back on one leg…things will slowly turn. That being said… that all depends on oil staying under $150 / barrel. Which is guaranteed at this point…minus Iran doing something stupid.
July 22nd, 2008 at 8:07 am
Hate to say “I told you so” but I been making those points about the economy, Iraq, seperately as well as together among my friends for decades and all they did was laugh at me. I also was agreement that the 1st Iraq war was a good thing even before the start but not an occupation so that America would be seen as strong military leader as well as protecting our troops safety. But now with this so called 2nd Iraq Invasion and occupation, not only the troops are hurting but American citizens as well! Are we really that much of a 2nd/3rd class that we are expendable by the so-called elite?
July 22nd, 2008 at 9:02 am
As bad as things are, they will get MUCH WORSE if Cheney or the Israelis invade or bomb IRAN.
It would throw us all into a global crisis.
The plot has been well rehearsed. Even to the point of sending the State Department official to the latest Geneva talks. It was laughable to see his stiff facial features, like a strict school marm. All he needed was a switch in his hand to compliment his role.
Predictably, Rice stated that his purpose at the talks was to “reinforce the seriousness of the participants.” And the whole rest of the world thought it was a diplomatic breakthrough.
Oh, how they lie!! Oh, how they deceive!!
July 22nd, 2008 at 10:19 am
Of course that was the PURPOSE OF THE IRAQ WAR! –TO DESTROY AMERICA! & AND SET-UP THE NORTH AMERICAN UNION!!
Please STOP THINKING the Bush Administration is STUPID, they are actually VERY CLEVER and this is ALL BY DESIGN!!
I hope people realize that you would NO LONGER OWN YOUR HOME OR PROPERTY!! UNDER THE NAU!
So a collaspe would PUT THE NAU RIGHT INTO THEIR HANDS!!
THEY MUST COLLASPE AS WELL — OR WE ARE SOL!!!
I think the better bet would be to EXPOSE THE FLASE FLAG THAT’S COMING SOON!! MOST LIKELY WILL BE A BIO ATTACK, BUT COULD BE SIMALTANOUS WITH A DIRTY BOMB!!
OF COURSE A NATURAL DISASTER WOULD BE HANDY TOO!
THERE BREAKING GROUND FOR THE NAU RIGHT NOW–USING THE FLOODS AND NOW THIS HURRICANE THATS ON THE WAY ON THE BORDER OF TEXAS AND MEXICO!!
AGAIN NUMBER’S TO WATCH FOR IN THE DATES: 1,3,6,9, AND MULTIPLIES OF FOR A “HEADS-UP!!
July 22nd, 2008 at 10:37 am
“Death Spiral”
Get in…sit down…shut up…and hold on!!!!!!
It looks good on ya!
July 22nd, 2008 at 10:39 am
The problem is not “financial”, it is in our words and our beliefs. Thus it is spiritual.
False beliefs beget a stormy sea… SEE? You must arrive on the shores of a life that stood for you through all the times you sank below the waves.
July 22nd, 2008 at 10:43 am
if we have an actual depression then maybe this won’t be worth much.
but between now and then and in the case that we don’t have long lines of men, women and babies waiting to be served government soup this is a great tool in your arsenal to fight back against the economic crunch.
i personally had a 110% increase in gas mileage after installing Water4Gas in my 1989 Toyota Corolla
check it out http://mywater4gasengine.com
July 22nd, 2008 at 10:58 am
POLARITY DOES EXIT:
Which means that there is GOOD that will come from THIS MADNESS!!
As we are forced to look at ourselves and this system we support, we see the evil inherant within!!
So do we advance ourselves personally or fall by the way side!!
Do we stand for HUMANITY or allow ourselves to BE DISTOYED?
IT’S UP TO US!!
July 22nd, 2008 at 10:59 am
POLARITY DOES EXIT:
Which means that there is GOOD that will come from THIS MADNESS!!
As we are forced to look at ourselves and this system we support, we see the evil inherant within!!
So do we advance ourselves personally or fall by the way side!!
Do we stand for HUMANITY or allow ourselves to BE DISTROYED?
IT’S UP TO US!!
July 22nd, 2008 at 11:17 am
Bush’s legacy will be: Disgracing his Oath to uphold the Constitution, Commiting vast war crimes on the level of his idol Hitler, Running the economy into deep dark recession, and last but not least the Most Unpopular President in the history of the United States. The wake up will include many of these concepts I predict.
July 22nd, 2008 at 11:30 am
Concerning Garko factor
BUll S**t you can only get MAYBE 45% and I have been trying to find 4 inch cpvc tubing and that alone is over $300. they say the kit will be less than $200.00. It works but they are not honest.
July 22nd, 2008 at 11:58 am
NOW IS THE TIME FOR EONOMIC LEVERAGE ON THE PART OF THE CITIZENRY…CONGRESS HAS ABDICATED IT’S FISCAL CHECKS AND BALANCES…IT IS UP TO YOU AND I…AND IT IS ALL ABOUT MONEY!
ALEXANDER HAIG SAID..”LET THEM MARCH ALL THEY WANT, AS LONG AS THEY CONTINUE TO PAY THEIR TAXES..”
NOW IS THE TIME..WHEN THE GOVERNMENT CAN BARELY AFFORD EVEN A BLIP IN THE FLOW…WITHOLD YOUR FINACIAL SUPPORT NEXT YEAR..APRIL WILL STILL SEE US IN A BAD WAY..DO NOT DECLARE..TAKE THE 5TH…DO NOT PAY!
IT IS YOUR MONEY BEING USED TO TORTURE, CREATE ILLEGAL WARS, FINANCE FALSE FLAG TERRORISM, CREAT OUT OF CONTROL POLICE DEPARTMENT THAT DO NOT CARE ABOUT THE CONSTITUTION OR YOUR ‘RIGHTS’..ETC..ETC..ETC…IT IS YOUR MONEY THAT PAY’S THEIR SALLERIES..TAKE THE FOOD OFF THEIR TABLES..MAKE THEM WAKE UP!
NOW IS THE TIME..WE HAVE THE LEVERAGE..A TAX STRIKE…TAX RESISTANCE WITH UNION STYLE DEMANDS:
FIRST AND FOREMOST, THE CONSTITUTION..A RESET! WE WANT OUR FULL CONSTITUTIONAL PROTECTIONS RETURNED
SECOND A MORATORIUM ON THE REVOLVING DOOR OF CORPORATE TO GOVERNMENT WORK..NO MORE LOBBYISTS IN GOVERNMENT POWER POSITIONS..HAVING A COAL LOBBYIST RUN THE EPA COAL DEVISION IS…BEYOND BELIEF..
NO MORE “TERRORISM LAWS” THAT HAVE ANY IMPAC ON THE CONSTITUTION..IF IT CANNOT BE DONE WITH OUR FREEDOMS PROTECTED..THEN WHAT IS THE POINT?
AN AMENDMENT THAT GIVES THE USA A FEDERAL BALLOT MEASURE..TO TAKE “SOCIAL POLICY” OUT OF THE HANDS OF THE FEW AND MAKE IT AN ELECTION ISSUE..DRUGS, ABORTION, ETC…NO MORE “MILITARIZATION OF SOCIAL POLICY”..JUST…VOTE ON IT..NATION WIDE BALLOT MEASURE..
AND MORE…THINK FOR YOURSELF..IF YO PAY! THEN YOU ARE APPROVING OF THEIR ACTIONS..SIMPLE AS THAT…YOU PAY! YOU PLAY!
NOW IS THE TIME TO IMPOSE OUR OWN ECONOMIC SANCTIONS..ON A ROGUE STATE..TAKE A RIK..IT’ NON-VIOLENT, CAN BE DONE FROM YOUR LIVING ROOM, AND IS THE MOST EFFECTIVE WAY TO CHANGE THE DOWNWARD SLIDE OF FREEDOM TO FASCISM…ACTION!
LIVE FREE OR DIE!
July 22nd, 2008 at 12:14 pm
a 1989 corolla gets aboot 30-35km/litre. garko factor is a poor salesman. anyone who beleives they can get more milage is deperate, foolish and gullible. how do you improve allready terrific gas milage? 90 km/h or 1200 RPM (in top gear) will allow the engine to run exactly as designed for max efficiency.
however, stop paying your income taxes, purchase fruit and vegitable seeds that grow in your climate, and buy gold bullion every paycheck and learn to shoot a gun. no depression will matter if you are self sufficient
July 22nd, 2008 at 12:34 pm
Tommy, you are pretty stupid eh? When the people say the Iraq war happened because of Bush, does that mean Bush orchestrated everything related to the Iraq war? Think before you speak.
And did I say anyone has EVER tried to save them? Did I? Hey Tommy, when did I say anyone has tried to save ANYONE? When? I merely said FEMA and the government were ABLE to save them, they just didn’t. Read carefully next time.
It doesn’t really matter what happens now, it will crash, and the NWO will eventually come. Or Tommy, have you got any ideas yourself? If so, lay it on me.
July 22nd, 2008 at 2:45 pm
Great idea ECTOENDOMEZO Fill out a new W-4 at work NOW and claim EXEMPT and don’t file your 1040 for 2008.
July 22nd, 2008 at 6:43 pm
A lot of people have known about the shape this country is in for a long time, they just think if they turn there head so they don’t see things, it will go away. The people (the wicked) that “WE” have allowed to control this country are deceivers, and this should be crystal clear! “That which is hidden will be brought to the light”
These people (the wicked) have been sowing evil seeds for a long time. You don’t sew seeds for corn and peas come up! Even if you see and have knowledge of what is going on, this is of no value without ACTION! We MUST ACT on the knowledge revealed to us, for it to become Wisdom and create change – creation IS Action.
July 22nd, 2008 at 7:39 pm
If Iraq did this to US and Global economy, then it will be wise not to attack Iran if they allow US to inspect their nuclear arsenal!
July 22nd, 2008 at 9:53 pm
The absolute worst part about all this is that if the economy does slide, continues on its downward spiral, more and more average Joe’s & Jane’s will be looking to the government for help or action. It will manufacture more consent for them to go about their criminal enterprise, and drive the knife in deeper to American liberty.
I dunno about McCain or Obama, but the next President after either of those two better be the reincarnate of John Maynard Keynes. America needs fiscal responsibility, bureaucratic downsizing, and a balanced f***ing budget.
People vote on criteria that isn’t important, for candidate who don’t give a s*** about them. It’s sad. Until people open their eyes and ears to what is going on, and that compels them to open their mouths to initiate reform, than your stuck in the boat with no paddles, and right now their is an economic waterfall just over the next bend in the meandering river that is the United States.
In a country where you can go into a grocery store, one of the giant mega-corporate supermarkets to buy 173 different types of cereal & 68 flavours of ice cream, why do you settle for two political parties?
WHY?
July 22nd, 2008 at 10:05 pm
Iran doesn’t have a nuclear arsenal.
July 22nd, 2008 at 10:40 pm
People need to start listening to RON PAUL
July 22nd, 2008 at 11:11 pm
totalclarity wrote: You don’t sew seeds for corn and peas come up!
Very nice. I think some (hopefully many) are finally just starting to grasp what can happen when ignorance and blatant disregard for our citizen responsibilities rule the day as they have for a long time now. What will be interesting is the resulting actions and I’m afraid that too many will just give in to a government solution (again). Arrogance (not gonna happen to me), laziness (why should I get up from the sofa?), procrastination (why should I get up from the sofa RIGHT NOW?), ignorance (talk to me about something else like the news does), and complacency (what a lock on my door’s not good enough for you?) is what America is all about.
I can’t wait for these people to get out into the streets. It’s going to be a massive clusterf**k for sure IF they don’t just say the hell with it and why bother? Only time will tell but zombies aren’t known for using their brains.
July 23rd, 2008 at 12:20 am
Let’s be honest what good is any of it going to do. They don’t listen to us anyways and they never have. We just have the elusion that they acutally care what we think.
Is the war hurting the economy? Hell yes it is. But no one seems to utter barely a word about that. What a joke. Gotta love the main stream corporate media brainwashing. When we’ve been brainwashed for decades it’s hard to get a good prespective on things.
I don’t blame alot of people for not getting it. Because they have lives to lead and families to take care. We should be able to trust our elected leaders. But’s that not the case. Hell even the elections are rigged.
Once you really look into everything you get a whole new understanding of why everything is the way it is.
July 23rd, 2008 at 12:58 am
A lot of commentators have aired a view that the market is the only way to have this mess sorted out. That does include Ron Paul. That is all well and good if everyone is using the same rule book and has it open at the same page.
The truth is that this mess has been caused not only by the free markets but the blind regulators. There is always those both individuals and corporations who will push the rules to the limit and find ways to get around them.
They use loop holes in the regulations like the “Enron Loophole” or the “Dubai Loop hole” to speculate on the Commodity Futures Markets where these speculations are not subject to any oversight as these are supposedly regulated by some other nation.
When you have a regulatory body state that there is no evidence of hedge funds speculating on crude oil futures. They can say this without being dishonest as these institutions were classified as “Commercial Interests” meaning that they were end users like an oil refinery or airline.
When the whole system is propped up by non-existent cheap credit (created out of thin air) eventually it will collapse.
The current weakness of the US Dollar is mainly due to the fact it is no longer the sole Reserved Currency for global trading. Added to that is the problem of the US Federal Government (and everyone else) spending much more that it (they) earn/s. When world interest rates are higher in most countries other then the US (unless an investing entity is interested in buying some corporation or other asset) who in their right mind would wish to invest in the US at the moment.
Cheap credit has been the root cause of most of the bubbles since the 1930 depression as it is now.
July 23rd, 2008 at 8:56 am
Yes brace yourselves out there……now is the time to secure your finances!
I found this wonderful club online……tell me what you think of it!
http://www.becomericher.info
July 23rd, 2008 at 5:57 pm
The New World order is forcing us to 1) see a problem 2) react in a calculated way 3) deliver a new economy under spp and deliver the amero. Wake up Sheeple.
its over.
We are being financillt slughtered.