Open the eyes...

It's time to open the eyes Mr. Bush and see just what roadless ways you have had us travel. As per my previous entry on Friday, he came out and tried to explain to his America that it was coming into some harder economic times. WOW, what an amazing and enlightened being he is. We certainly can tell that he is not an artist through his clouded attempts to paint a different and false economic picture. He tried to dispel nearly all of Congresses proposals to help alleviate and control the mortgage meltdown. He continues to try to maintain that the inadequate policies of his administration are a much better road to go down. What he doesn't understand is that all of the roads he wishes to lead us down, have only lead us UP a path with no end in sight...

Thanks to the recent rescue from JP Morgan Chase of Bear Stearns at $2/share we will not be seeing a global reaction of the fifth largest financial institution going into the toilet. Their high at close of the deal was $30/share. Good buy for JP. This negotiation was the first bailout of its kind since the 1930's. JP was also able to negotiate through a government backed guarantee that they would not suffer any losses from this transaction. This transaction for JP was done at roughly 1% of what the value of Bear Stearns was just 16 days ago. It seems even in a down market there are opportunities to make some good returns.

This shows us just how bad things have become, but it also shows that there is willingness to rescue situations if possible. This is what our administration can learn from this transaction, that there is rescuing to be done. Perhaps bankruptcy reform for individuals would be in order to help those homeowners going into default.
If there is Federal help and guarantees to JP Morgan, perhaps there could be Federal help for individuals whose homes are now valued lower than their original mortgage values.

Mr. Bush continues to try to lie to the American public about the stability of the current economy by saying how job growth has been consecutively rising for 52 months during his Presidency. The economic expansion gained under Mr. Bush has been measured at 4.2%. This is the worst performing business cycle since these records have been measured beginning in 1945. Long term unemployment has reached levels of 17.5% or more likened to a depression rather than the beginnings of a recession. Short term unemployment is interesting and deceptive at its 4.8% rate in that hundreds of thousands of people have dropped out of the market completely since they cannot find a jobs and have had to create something for themselves or go without work altogether.

Mr. Bush also lied when he said that wages were rising. Another attempt to dispel the truth to the American public since that same day the government reported that wages failed to outpace inflation for the fifth straight month. Having a weaker dollar helps to create higher oil prices, and add in the higher global consumption needs of crude creates that much more increases due to higher demand.

Mr. Bush continues to address the congress to maintain his tax reduction programs as if the country doesn't need any more money to run things. It seems that he is ignoring the fact that the federal debt will have increased over 76% by the end of his tenure in office by continuing to borrow on top of existing debt.

With John McCain following the Bush administration and their policies as well as stating publicly that he doesn't know much about economics I think it might be best to look for another candidate who will be able to handle the necessary economic issues at hand.