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Is the Fed Finally realizing?
By Robert Melaccio, sr(28,936)
Posted Thursday, May 22, 2008
View All Blog Posts submitted by Robert Melaccio, sr
Hey after trying to hold the company line has the Fed finally realized things are in bad shape? Now you wouldn’t expect them to come all out and say it but lets get real here, 40 million or 15% of Americans hurting and hurting bad and you do not think there would be economic ramifications?
They speak to an exceptionally weak first half of 2008 with improvement in the second half. Well we can buy that to use a pun. The stimulus will have created some movement, an expected and needed reduction in fuel prices must come before the election and their bail outs for business will continue to help investors and speculators. Hey, they have no choice, just who is as the President says "Credit Worthy" any longer? Do the rich need credit? Yet theya re the ones the sellers aim their marketing to. Zero interest, no down payment, instant approval [with good credit]. Yes, but hese are not even the level of wealthy I am speaking to.These are at another level and they own most of everything.
Now along with all this the inflation index is rising steadily. Thats right, can you believe the costs of goods and services is rising, duh? How about your pay, that is if you even have a job? Perhaps one of those service sector jobs they brag about creating? After all foreigners get the good ones and get this Americans have to train them. Yes we just can’t cut it any longer, so our leaders say.
Some are looking to the end of June for the Fed to act again. However, what everyone slides right past is what I have been saying right along. Yes people just do not want to face reality. Hope springs eternal, opportunity and being positive is the name of the game. Yes, that is until there is nothing else to hope for. Out of money, no credit, no means to pay. Totally destroyed.
So what is on the horizon 2009? How about the Credit Card mess. Do you not think multitudes will default and the ball is already rolling? Eeven the meat eaters are speaking softer. Hey has our leaders done anything but superficial action to stop it? No, wonder why? Foreclosures, well certainly they will continue. However, expect sales to go up as speculators and investors get help to buy. What they don’t tell you is that the government will take the hit in the loss column in taxes, that American citizens will eat. Yes the tax payers while these big business exploiters will write it all off.
Yes perhaps some people will walk away from that home, that car their debts and just say the hell with it. After all can they ever be credit worthy again? Yes go down the list from low wage jobs, with no future and no benefits, to broken homes and families, to increased social services, the problems go on and on and all they do is throw hype and hope and fill autotoriums with who, more of the Moo?
Why do I say that. Well keep it simple stupid. Food prices, going up. Fuel prices going to really go up after the election. Jobs, ok what jobs. Without jobs nothing changes. Where are they suddenly going to pull these good jobs out from? I'll be ncie here. There were billions spent bailing out investors, banks, the wealthy, will it suddenly stop and if it does will that money go for the Common Good of Americans? Do you really believe that? How about car insurance and home insurance and all the other things our government mandates you have? Where will average Americans get the money for that? College, yes for foreign students, illegal workers and their loved ones, Americans only for those who have. What about phone bills, utilities, necessities, school lunches, clothes, etc, etc, etc?
So am I not trying to be negative, no, I’m just understanding the size and scope of the problem. No problem can be solved, no none until you wake up to that. How big it is and what will it take. No, not words like "Comprehensive" the buzz word of this decade, which means to me, "what the hell do we do? No it takes leadership, people who can think, weigh, discern, make decisions and visualize the outcomes and implement.
Why in Gods name would any of us think we have that type in this bunch, why? These are, no matter how you slice the bread, the same ones who gave us what we have. Rhetorically, hello I just raped, abused and stole from you, would you like me to do it again?
So go to the rallies, for what only God knows. Be part of history, because in reality and in my opinion you are but not for the reasons you think. Like I said, the election was over a long time ago. All this is just the charade for consumption. Read my prior articles because you will see you will be getting exactly more of what you don’t want, with a few bones sprinkled about. Hey only an opinion and guess what. I can afford to be wrong, can you?
Robert T. Melaccio Sr. 2008 Copyright ©2008 Robert Melaccio
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Posted to ProBlogs.com on Thursday, May 22, 2008
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