his current era will undoubtedly go down in history as one of the dethroning moments of suck for our country. There's enough blame to go around for fingers to be pointed in several directions. It couldn't have got like this without a combination of failings working in unintended unison. A few predicted it but their words fell on deaf ears or at least the ears of those who would remain wealthy irregardless of the total economic mess. After all, they'd always have their millions; and they nearly all do.
The housing market took a flurry of punches to bring it to it's knees. Collateralized debt obligations (CDOs) were sold domestically and abroad based on the rising home values, and mortgage loans were commonly refinanced because that same "rising" would undoubtedly go on and on. Also, past legislations that made mortgage companies lend to unqualified individuals didn't really phase the financial loaners, 'cause they passed the mortgages on to the secondary market companies. Fannie Mae and Freddie Mac were bulletproof. Everyone knew that from Greenspan to the bottom.
The Trade Centers tragedy took the combination of full jetliner tanks and the incredible heat from the explosions and resulting fire to melt the frame structures that multiplied the weight each time another floor collapsed. It took the entire sequence of events to cause what was not unlike compressing a vertically stretched slinky. To say things will never be the same is an understatement. While this economic recovery will take a long time to complete, it of course can't be compared with the loss of life on that September 11th.
The economic meltdown and the terrible Trade Centers tragedies have demonstrated that complicated sequences can mimic an avalanche that starts with a single rolling stone.
The public sentiment toward the Bush administration caused the Democratic presidential success and couldn't have come at a worse time. There's no good time to lose our rights, but financially, the combination of the current unwielding administration running the country when the economy has all but collapsed makes our financial recovery almost a pipedream. Could the economy have been fixed by now had the liberal party not taken the reigns? No, but our hope of someday having a survivable debt level wouldn't be nonexistant.
A big obstacle in front of the Republican party seems to be a lack of immunity to smears. The next big thing may be the planting of agitators by the liberals who pose as conservatives. Those on the right are sitting ducks when it's believed they've acted in a racist manner. Nearly any criticism from the right can be spun into racial impropriety and liberals eat it up. These alleged accusations don't need to be founded, just mouthed or written. Racism unfortuneately still exists, but it's universally shared and no party or group has a patent on it.
The mammoth obfuscation called HealthCare promises to be an an unequalled adventure for the coming months. As much as I loathe most things about it, I look forward to seeing if Democracy can stand up to it. A real test to see if right or might will succeed. The opposition to it couldn't be much stronger and it almost seems like a chess match that'll end with no winner and a lot of losers. Many don't take losing particularly well, so the fewer the better.
A growing list of major corporations have had to go public with their forcasted losses and the chants have started: where were these companies with their opposition before the legistion passed. What would they have objected to? Their advocacy would have been blind as the proposals and wording changed daily, with the other side of the aisle barely getting to read it.
There's no moral to this story, just a spreading pessimism that now seems shared worldwide. It seems no other country has contributed to the problem as we have. Our lack the vision stands uncorrected for now. Maybe it will improve in November.