Source.Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.
Not only did Bush NOT do anything to stop the financial meltdown related to the mortgage fiasco, he was an active player. He is the one now protecting the banks as they horde bailout money. He is okay with an automaker bailout as long as it doesn't come from the untold billions he and his henchmen have doled out to greedy, soul-deprived banks.
SourceIn recent years, a range of businesses have made financing more readily available to even the riskiest of borrowers. Greater access to credit has put cars, computers, credit cards, and even homes within reach for many more of the working poor. But this remaking of the marketplace for low-income consumers has a dark side: Innovative and zealous firms have lured unsophisticated shoppers by the hundreds of thousands into a thicket of debt from which many never emerge.
These policies, encouraging banks to make loans to people with shaky qualifications were pushed by both sides of the isle. The ultimate blame lies with the president, for he said nothing and did nothing while this was happening that did anything but encourage the plunder.
sourceFor the past twenty years manufacturing companies have been moving their manufacturing plants out of the U.S. in droves, and during the past four years America has lost over 3 million manufacturing jobs. Most of these manufacturing jobs paid good hourly wages and had good benefits like health care, sick leave, and retirement plans. It has been these type of high wage manufacturing jobs that have helped keep a middle class in America. The Bush administration has tried to cover up these middle class job losses by getting fast-food workers reclassified as manufacturing workers.
The only hope is that many former Wallstreet traders may laughably be forced back into the manual labor and trades pool.
Other than that, there is nothing good here nor any positive way to spin this. Most of you don't realize the ripple effect when major factories close here; tool and machine shops, stationary people, food services and local contractors all lose when big businesses close up to relocate elsewhere.
This is fact. There can only be so many service jobs. There is a foundational undercutting in our entire economy that has happened.
The real reason behind our invasion of IRAQ: OIL!!!
peak oil in the ME was reached sometime ago. When The U.S. and British oil companies were booted out of Saudia Arabia and most other OPEC countries skilled geologist had discovered, mapped and documented more or less accurate data on how much oil was there. Sinse then, there have been NO NEW DISCOVERIES OR OIL FIELDS developed.
SourceSaudi Aramco’s propaganda campaign is failing. Saudi Aramco is no longer the world’s leading crude oil producer. Saudi Aramco’s statement of 260 billion barrels of remaining recoverable reserves is almost certainly false. Instead, the remaining recoverable crude oil reserves are probably less than 100 Gb, instead of 260 Gb. It is time to call on Saudi Aramco and the other OPEC members to tell the truth about their reserves.
Gas was $4,50 for regular six months ago and i saw it recently for $1.59. If you need further proof that we are being manipulated and fucked I shall have to get a broad brush and paint it on a barn.
If I missed any other notable highlights of the Bush Legacy, please let me know.
Last edited by ATG (2008-12-08 16:24:22)
