Our Heritage is at Risk

Our country's Constitution is under attack and unfortunately most Americans are either too busy with their own lives to give the issue any attention or have become complacent with a false belief that the elected officials in Washington will fix our problems. The current crises that our nation faces is without a doubt the single most important issue this country has faced since the Great Depression. The collapse of our financial system has not come about because of policies enacted in the past few years. We are in this situation because of decisions and policies our government made starting in 1977. It would be very easy to place blame on one political party but that would be the furthest from the truth. It may seem odd to many that the Bush administration and the Democrats are both in agreement on passage of the Paulson plan and yet House Republicans are against the bill. It is no accident. Understanding the motivations of each group may clear up some of the confusions. The link below is a start but does not reveal all the motivations behind this bogus bailout package.

http://www.youtube.com/watch?v=H5tZc8oH--o

The blame does not all point to the Democrats. The Republicans share in this mess as well. The current Treasury Secretary Hank Paulson was CEO at Goldman Sachs during the housing boom and was richly rewarded( to the tune of $700 million) for crafting many of the mortgage backed securities that are now imploding. Goldman Sachs benefited greatly by the cheap money and easy lending policies that helped create the housing bubble. Incidentally the Treasury Secretary under Clinton's presidency was Robert Rubin another Goldman Sachs top executive. It should be evident that Goldman Sachs helped contribute to the housing bubble and Hank Paulson is desperately trying to cover the current mess up with a bogus bailout proposal. A proposal that will do nothing other than transfer the burden from financial institutions onto the taxpayers.

The link I provided shows why the Democrats would be eager to pass this plan. Their policies on affordable housing failed and enriched a small segment of our population. Wall Street certainly provided the cheap loans when congressional legislation provided the incentive. But it doesn't end there.

The Federal Reserve also played its part. Most Americans falsely believe the FED is a branch of our government. Hardly the truth. Google Federal Reserve and you will find how the central bank has ties to the wealthiest families in Europe and in America. One family that was part of the original members was none other than an ancestor to our current President, George W. The Federal Reserve is a central bank made up of member banks. It serves the interest of its members - not US taxpayers. The FED is motivated to see this proposal pass because it is selfishly looking out for its member banks. This is the same FED that lowered the Fed Funds rate to 1.5% under Greenspan( Bernanke was a voting member) and created the cheap money. Its member banks are now holding a lot of mortgages that are not performing and they do not want to take a loss and have their balance sheets impaired. Unfortunately the FED is also not doing its job as regulator of its member banks. The FED should be a proponent of complete transparency yet it has allowed Enron-type accounting, thus creating uncertainty surrounding the health of the overall financial system. The latest failure of Washington Mutual, and JP Morgan taking over is very troubling. The too- big-to-fail condition is getting worse by this action, not better. It is creating more risk - not less! This underscores the problem that insurance giant AIG just had.

Each group is motivated by self interests to pass this legislation. They may claim how they are looking out for the taxpayer but they are not. Our country, our Constitution, and our way of life are under attack. This is no longer about Democrats and Republicans. This about our nation and those who make policy. We as a society had better get involved NOW......our future is at stake.

"A little group of willful men, representing no opinion but their own, have rendered the great government of the United States helpless and contemptible."
-Woodrow Wilson after signing the Federal Reserve Act of 1913 (after realizing the full effect of the Act)