A Modern Depression
10:11 AM July 15, 2008
You've seen the pictures and the video of people lining up for hours at Indy Mac in Pasadena right here on KTLA and here's this photo by Al Seib / Los Angeles Times on Friday.
It is worse today. Tensions rising as hundreds of people are trying desperately to get their life savings out of the failed bank. The only hope to get whatever they can out of the bank and into their own hands. If they had more than 100K they get 50 cents to a dollar. The pictures are alarming to me. As if the United States of America has regressed to the days of the Great Depression, or more so a Modern Depression.
Then there was the comment made by the retired Texas senator Phil Gramm last Friday: that America is a "nation of whiners" and said we were in a "mental recession."
I just can't believe that at this moment in time there is a denial of a recession. Where today, people are again lining up in front of IndyMac to take their money elsewhere and perhaps stuff the money under their mattresses. If you are one of these people worried about your money even at other banking institutions and have any questions about whether your deposits are insured, consult with your bank or contact deposit insurance specialists at 1-877-ASK-FDIC.
What's next? Freddie Mac and Fannie Mae had shares slump at the opening of the markets today. General Motors, also this morning, has cut salaried payroll by 20 percent and proposed selling assets to raise at least $15 billion in the next 18 months.
And on top of that last week U.S. Airways said they will drop their in-flight movies from domestic flights starting November 1st. The airline says this will save them about ten-million-dollars a year. We all know that airlines have been feeling the hit for quite some time now. Cutting corners where ever they can.
So, here's dictionary.com's definition of recession: Economics. a period of an economic contraction, sometimes limited in scope or duration. And lets compare it to the definition of depression: Economics. a period during which business, employment, and stock-market values decline severely or remain at a very low level of activity.
Tell me, where do you think America is now?
Posted by Cher Calvin | Permalink | Comments (28) | TrackBack (0)
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I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a We
Deserve It Dividend.
To make the math simple, let's assume there are 200,000,000 bonafide
U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and
child. So 200,000,000 might be a fair stab at adults 18 and up...
So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
Of course, it would NOT be tax free.
So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
* Pay off your mortgage - housing crisis solved.
* Repay college loans - what a great boost to new grads
* Put away money for college - it'll be there
* Save in a bank - create money to loan to entrepreneurs.
* Buy a new car - create jobs
* Invest in the market - capital drives growth
* Pay for your parent's medical insurance - health care improves
* Enable Deadbeat Dads to come clean - or else
Remember, this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company that is
cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of
trickling out a puny $1000.00 ( "vote buy" ) economic incentive that
is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every
adult U S Citizen 18+!
As for AIG - liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure, it's a crazy idea that can "never work."
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion.
We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC
And remember, The Birk plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Kindest personal regards,
"Birk"
T. J . Birkenmeier, A Creative Guy & Citizen of the Republic
PS: Feel free to pass this along to your pals as it's either good for
a laugh or a tear or a very sobering thought on how to best use $85
Billion!!
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Posted by: Marti | October 02, 2008 at 08:34 PM
This one is for Hal:
http://www.globalresearch.ca
http://www.911truth.org
Good luck.
Posted by: Pejai | November 27, 2008 at 08:06 AM