Rush Limbaugh – Love Him or Hate Him – He Got it Right
With 98 bank failures this year you would think the United States Congress knew what they were doing. Passing trillions of dollars in bank bailouts and sending US working people the bill in spite of about 86% of Americans opposing the bank bailouts you can understand Rush Limbaugh’s comments.
Rush said, “We can’t pay everybody’s mortgage forever. Besides, we’re deepening the problem because we’re delaying the market correction that will happen automatically if we just get out of the way and let it. But these are central planners. They know better than you.” Rush isn’t the only one making the claim bailouts aren’t fixing the problems. See here.
Nick Carey of Reuters (see here) writes , “Eight months later, the plan is plagued by delays, red tape and, some critics say, a reluctance by banks to do their part. Just 17 percent of eligible borrowers have had their loans modified and monthly payments cut. Hardly any have been given a cut in the amount they owe on homes which are now worth less.
That means many successful applicants are left with loans that they still will not be able to afford in the long run. So instead of resolving the housing crisis that pushed the U.S. economy into recession, America may be prolonging it and, in the process, stunting the global recovery.
“Every single policy we’ve seen has merely kicked the problem down the road,” said Laurie Goodman, a veteran analyst at broker-dealer Amherst Securities Group LP, which specializes in residential mortgage-backed securities.
Rush said “We’re now at 50% youth unemployment. If these kids can’t find jobs now, when they’re young, when they’ll learn all about working, what’s going to happen to them when they hit their twenties and thirties? We’re looking at a permanent welfare state being created on purpose by this president and his administration.” see here.
One must ask why then, is Congress moving to willfully destroy America? The answer may be as World Net Daily reported here, “A plan to replace the dollar with a world currency originated with Columbia University economics professor Robert Mundell, who won a Nobel Prize in economics in 1999 for creating the euro and is now widely regarded as “the father of the euro.”
Mundell, currently an economic consultant to China, is the originator of the suggestion that the International Monetary Fund should utilize Special Drawing Rights, or SDRs, to replace the dollar as a new standard for holding foreign exchange reserves in international trade transactions.
SDRs are international reserve assets calculated by the IMF in a basket of major currencies allocated to the IMF’s 185 member nation-states in relation to the capital. The assets are largely in gold or widely accepted foreign currencies the members have on deposit with the IMF.
The current trend is to mail every Congressman/woman a pink
slip and fire them next election cycle.
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