More Government Stimulus Needed,: Says Bernanke

As the down-turn in the economy continues, the White house still remains reluctant to call this recession, a "recession." Leaving many Americans, and other nations, wondering what the Bush Administration sees so differently than the 'world view.' President Bush, himself is not willing to commit or endorse such moves at this time, as it would not (likely) effect his administration.

WASHINGTON, Oct. 20, 2008
Fed Chair, Bernanke's remarks before the House Budget Committee: "With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate." This was his first endorsement of any legislative initiative, beyond the previous bailout dollar's already committed and the 2007 stimulus checks sent out in early 2008.

The Current Economic Outlook:
A trio of hard blows have hit the American economy starting with the housing 'bubble burst.' Followed by the 'credit crunch' and the 'banking crises', have left the stock markets in turmoil over the past month. Many economist are predicting further shrinking in the markets and the US. economy, late this year and early next year. The nations' unemployment rate is slightly above 6% and is expected to climb as high as 7.1% in early 2009.

Markets and economies around the world are being effected and most pundits and economist in the US. seem to agree; that this is a 'Global Economic Crises,' requiring continued communication and globalized initiatives, to stave off a 'deep depression.' Global Summits' are being planned to tackle the worldwide economic crisis, many believe started in the US.

While many Republicans continue to follow the McCain philosophy; that the problems in the housing markets were initiated by Freddie Mac and Fannie Mae, this is an unfounded assumption based on 'recklessly trying to point political blame.' The, then, quasi government mortgage & housing loan institutions were actually fairly well sheltered, due to down payment requirements and the standards of acceptability to insure a Government Backing on the mortgage. Until the Federal Government started pushing more and more loans towards Fannie and Freddie, and regulatory issues were relaxed. However, these entities' still, did not 'originate sub-prime mortgages'; this was a fabrication of the NY. Stock Exchange, Centralized Banks and the mortgage and bonds insurance players. The quasi government institutions were safe, until the Feds started pushing more 'bad loans, in debt packaged' onto them. While the Big Players were only seeing dollar signs, with each new inflated mortgage, and rushed to push as many as possible in the shortest period of time, for Wall Street to repackaging and resale.'

In fact, it was recently discovered that a GOP consulting firm (DCI) was paid off by Freddie and Fannie to fight regulatory changes. See this link that exposes the GOP link to failed legislation attempts: Freddie Mac's Secret Plan To Kill Reform. Also coming of light is that McCain's campaign aids were connected with this secret plan.

When does this 'economic malpractice' by the US. Government stop?

It is no wonder so many in America are depressed with the direction the Bush Administration and the Republican Party has led us. Besides WAR Policy, being economically insolvent is a difficult road for either candidate (or party) to lead the nation out of, when elected into the White House in November, 2008.

The Current Crises of America require a real change in 'political direction' in the leadership of the country. Not just another change of the 'party's in charge' and Status Que political agenda America has had over the last 200 plus years.

Libertarian Ideals are necessary, to bring forth real change in Texas and the Nation.

Written by:
Albert Andis