The financial crisis is showing something that everyone knows but none dares to talk about clearly: the capitalists’ insensibility and the fact that the political world and the mass media are at the service of the big economic corporations. Everyone also knows that the American economy collapse was caused by the real estate crisis which emerged from the usurer mortgage programs called subprime and that the Bush administration cynically accused the mortgage debtors of being responsible of it. (See article from May 14 in this blog titled Financial Crisis of Real Estates in the United States). It is also known that President Bush’s bailout plan for 7 billion dollars, was approved by Congress, was supported by the candidates Barrack Obama and John McCain, and was presented by the mass media as a profitable arrangement for the taxpayer. According to them, the American people would ultimately beneficiate from this loan made to the capitalists, given that they would be returned this money with high interest rates.
The government had three ways to attempt solving this financial crisis: solving the cause, helping the mortgage debtors, who could not pay their monthly payments because of the highest interest rate; solving the effects, helping financial corporations which collapsed because they did not receive monthly payments or helping both. Obviously, they decided to only help the big corporations, in spite of what experience has demonstrated, that it is imperial to solve the causes of the problem instead of the effects, to prevent the persistence or further development of the issues, as will probably occur in this crisis.
The cause of the financial crisis, remind me of the fairytale, Little Red Riding Hood. The investors were the hungry and heartless wolfs who planned to eat the mortgage debtor’s whom were the innocent victim’s. The plan was ensnaring, poisonous and deceitful, but presented in golden plate. They talked about variable interest rates, indicating that these could raise or go down according to the economic market; knowing that the “variable interest” line was only heading one way: rising, rising and rising.
The government, politicians, economic analysts and the mass media clearly know everything about this pathetic, depressing and inhuman situation described above, but each one has hypocritically reacted in different ways; some with lies and others keeping quiet. Nonetheless, President Bush’s and McCain’s cynic and shameful position calls attention. They accused the mortgage debtors of being responsible for the real estate crisis because they should not have committed to something they were not able to pay. Bush’s administration tolerated or allowed this deceitful abuse and usurer program by which mortgage debtors were subjected by the investors. The investors and the Bush administration knew that the mortgage debtors would fall in the trap due to ignorance, as well as the real estate agents whom do not have the intellectual capacity to understand economic issues.
If you liked my article, please share this website with your friends. My articles in Spanish will be published on Sundays and in English on Wednesdays.
The government had three ways to attempt solving this financial crisis: solving the cause, helping the mortgage debtors, who could not pay their monthly payments because of the highest interest rate; solving the effects, helping financial corporations which collapsed because they did not receive monthly payments or helping both. Obviously, they decided to only help the big corporations, in spite of what experience has demonstrated, that it is imperial to solve the causes of the problem instead of the effects, to prevent the persistence or further development of the issues, as will probably occur in this crisis.
The cause of the financial crisis, remind me of the fairytale, Little Red Riding Hood. The investors were the hungry and heartless wolfs who planned to eat the mortgage debtor’s whom were the innocent victim’s. The plan was ensnaring, poisonous and deceitful, but presented in golden plate. They talked about variable interest rates, indicating that these could raise or go down according to the economic market; knowing that the “variable interest” line was only heading one way: rising, rising and rising.
The government, politicians, economic analysts and the mass media clearly know everything about this pathetic, depressing and inhuman situation described above, but each one has hypocritically reacted in different ways; some with lies and others keeping quiet. Nonetheless, President Bush’s and McCain’s cynic and shameful position calls attention. They accused the mortgage debtors of being responsible for the real estate crisis because they should not have committed to something they were not able to pay. Bush’s administration tolerated or allowed this deceitful abuse and usurer program by which mortgage debtors were subjected by the investors. The investors and the Bush administration knew that the mortgage debtors would fall in the trap due to ignorance, as well as the real estate agents whom do not have the intellectual capacity to understand economic issues.
If you liked my article, please share this website with your friends. My articles in Spanish will be published on Sundays and in English on Wednesdays.
1 comment:
Your are right. Neither the goverment nor the politicians talk about the cause of the financial crisis because in one way or another they are responsible of it.
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