Thursday, May 27, 2010
Every time either Secretary of Treasury Paulson, House Speaker Nancy Pelosi, or Federal Reserve Chairman Ben Bernanke speaks publicly, what remains of the financial markets shudder in horror and promptly crash. Thursday's market meltdown occurred as soon as Secretary Paulson appeared on the news channels that morning. Doug Cloud says, "enough already, the government cannot make the economy better by manipulating people into believing it is better than it is. In fact, the constant attempts to 'rescue' the economy via federal government control reinforces the negative psychology that is paralyzing the markets." Cloud also points out that the recent massive bailouts approved by the Congress have done nothing to improve the financial situation. "In fact, once again, the bailouts have backfired, reinforcing a feeling of hysteria, helplessness and the feeling that we have been fleeced by those who seek to perpetuate their power and privilege at any cost. I include Norm Dicks among the guilty those incumbent Congressmen and Congresswomen who, in the hope of surviving the impending election, have given a trillion dollar blank check to insolvent wall street banks, the lobbyists for these bankrupt institutions, and ultimately those politically well-connected to their Congressional patrons." Cloud reiterates, "This type of Congressional and Administration meddling in the economy inspires fear, not hope. People are left with the fear that those in charge have no concern for what is best for the country, that only those with lobbyists and money to spread around Congress will be protected from a panicked economy." Cloud also warns of the negative perception "...that Congress is run by people who can be easily bamboozled into trillion dollar gifts to the politically powerful while the less fortunate amongst us is left with the bill. This apparent fraud is extremely disheartening to average Americans and it must be stopped by new leaders in Congress."
Posted by Doug Cloud at 2:19 PM