The Meltdown of Wall Street
October 5, 2008
If you have watched the news at all, you have heard about the Meltdown of Wall Street, beginning with Freddie Mac and Fannie Mae, the two controlling powers over the housing industry. Then, before we could take a breath, we were shocked to hear about the demise of Bear Sterns, Goldman Sachs and Lehman Brothers, three of America's largest investment firms. What to do?
Well, what we do is let the Federal Government bail us out. Our President has proposed that we extend a 700 billion dollar package to prevent the effect this debacle will have on our economy and the American consumer, rather than allow nature to take its course, meaning that the people responsible should pay.
QUOTE: In a piece written on September 19, 2008, Patrick Buchan said...
The Crash of 2008, which is now wiping out trillions of dollars of our people's wealth, is, like the Crash of 1929, likely to mark the end of one era and the onset of another.
The new era will see a more sober and much diminished America. The "Omnipower" and "Indispensable Nation" we heard about in all the hubris and braggadocio following our Cold War victory is history.
Seizing on the crisis, the left says we are witnessing the failure of market economics, a failure of conservatism.
This is nonsense. What we are witnessing is the collapse of Gordon Gecko ("Greed Is Good!") capitalism. What we are witnessing is what happens to a prodigal nation that ignores history, and forgets and abandons the philosophy and principles that made it great.
For years, we Americans have spent more than we earned. We save nothing. Credit card debt, consumer debt, auto debt, mortgage debt, corporate debt – all are at record levels. And with pensions and savings being wiped out, much of that debt will never be repaid.
Our standard of living is inevitably going to fall. For foreigners will not forever buy our bonds or lend us more money if they rightly fe ...
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