The Wounded Stock Market, the Political Abandonment Of The Working Class, And The Rise Of The Planet Of The Apes.
[NOTE- To get to a well-formatted version of the entire article, just click the Read More button at the lower right now.]
Today, I’m not simply referencing the equities market collapse over the past week, including today’s significant losses as of 2:30 p.m. There are many other reasons for this week’s swan dive. So, eager as I may be to do so, I can’t put this entirely at the door of the GOP and it’s maniacal dancing monkeys, the Tea party. (Or is it the other way around?) This week, though, undeniably, the debt “deal” is among the forces decimating equity prices and Americans’ confidence.
The deal’s unrelenting tight-fisted approach seems, at present, to rule out any fiscal stimulus emerging from Congress. The independent Federal Reserve’s “according to Hoyle” monetary stimulus efforts seem to have done little good stimulating employment growth and lending so far, and it shouldn’t be expected to be helpful in the future. The fed funds rate has for a long time been as low as a snake in a cesspool, and, today, the Treasuries that were almost a pariah two days ago are rallying across the board, sending interest rates lower than low. To what avail after four years of recession? (Note: We never emerged from it in 2009 . . .) And now the country and the equally shaky world daces a likely killing dose of American “fiscal austerity” and the further unemployment it brings with it? Who will be able to buy cars, refrigerators, computers, or bubble gum? Who, then, will be able to provide the earnings that could revive this critically sick stock market?
Well, no one, it seems, in D.C. thought about that very much. The Tea Party wrecking crew pushed our overly accommodating President and most of the Democratic and Republican parties into a final package that will pummel employment at all levels and sectors. . . Please click Read More for a nifty video clip that may well summarize how most of us feel . . .
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The debt ceiling deal just signed into law will, perhaps radically, worsen employment, lessen personal income, and diminish already anemic personal spending. If we avoid what would eventually be remembered as the 2nd Great Depression, we need to make some WPA-type Hail Mary passes, and soon.
For now, though, the Tea Party and the GOP it commands stand stolidly and stubbornly by the windows in their House and watch all this destruction without so much as offering the tiniest ray of hope that we, as a nation, will pull together again as we did in the 1930s. Unfortunately, the President, an apparently conflict averse leader, as well as much of the far too “civil” Democratic party, also watch from afar as well. Just watching, it seems, deeming it too incivil or uncouth or strenuous to fight for the country. The unindicted co-conspirators.
In the end, here’s how many of us possibly feel:
