Hey Russ,
Saw your latest video on the current economic situation:
McCotter: Republicans Oppose the Paulson Splurge (video)I found it mildly interesting and typical of those that will point fingers at others but not at themselves.
What we are seeing on wall street is the result of 24 years of republican deregulation (they controlled congress that long) that allowed greedy types to do suspicious investments without sufficient oversight.
Curious that we now see many calls for increased oversight.
What we see is the absolute and utter invalidation of the so called "trickle-down" theory. Why? Because in spite of the massive pumping of funds into the top money pockets by this administration over the last 8 years, the failure of the economy started at the bottom.
It was the failure of the common people to be able to meet their economic needs that started the collapse of the mortgage market, the collapse that has now spread to the big houses on wall street, the places where the economic benefits were supposed to trickle out of down to those common people.
They never got it. Across the board we have failure from the
bottom of the economy trickling
up to the top of the economy.
Trickle down economics is a falsified concept: an economy is made by people moving money, it is the number of transactions between people, not how much is in their pockets. The more people that are involved in making transaction, the healthier the market.
Republican presidents (3 in the last 4) have put money in the pockets of the rich, saying it would trickle down to the common people.
Republican congresses passed bills deregulating the mortgage industry and others, and this deregulation allowed shaky mortgages to be given out.
The failure of the economy to "trickle-down" to the bottom of the economy means that the people did not have the ability to pay for their mortgages. If they had been able to pay them we would not be in the situation we are now. But the middle and upper levels were not protected by the trickle-down economics either, and the floor was kicked out from under them.
Feed the bottom and everything above it will grow: an honest wage for an honest days work, one that pays for the basic necessities of life, with a little left over for fun and for future needs is
We should bail out the common people, not wall street, not the president, nor the republican congress. Build a foundation before you construct a house.
Enjoy.
