Wednesday, November 14, 2007

The cost of Bush's wars present and future should govern thought as average Americans pay in more ways than one!

These wars and there repulsive cost to every American should be the issue: The stock market yesterday went up for the wrong reasons, why do they continue to ignore reality and like Bush, inflate artificially and get away with it?

knowing the artificiality of our entire situation today because of the underhanded tactics employed since the advent of Bush I was dismayed yesterday not because the stock market went up 340 points but rather for the warped reasoning behind it. While there is no relief in sight for the housing market experts think it will improve in a year but no way, there is a long way down to go! Three states, California, Florida and Ohio, continue to dominate new foreclosure filings, as most of the nation saw increases in the third quarter, according to a new survey.
During the period ended Sept. 30, 77 out of the nation's 100 largest metropolitan areas reported rises in delinquencies compared with the previous three months, according to the latest report from RealtyTrac, an online marketer of foreclosure properties. The three most affected states reveal the two main causes of mortgage payment problems: economic weakness, as exemplified by Ohio, and speculative excess that led to high home prices and unaffordable mortgages, as represented by California and Florida.In the past few months, the foreclosure story has become a tale of two regions. Some of the hardest-hit states have traditionally been in the Midwest, where plant closings and job losses have hit the economy there hard.

The other region is the Sun Belt, which is showing even more significant foreclosure growth as out-sized price increases in the first half of the decade led to virtually unchecked real estate speculation. According to the Center for Responsible Lending, 7.2 million households have subprime mortgages, and more than 14 percent of those are in default. It projects that one of every five of those loans issued in 2005 and 2006 will end in foreclosure, with 2.2 million families losing their homes. Here is the complete story
2.2 million Americans losing their homes is a crisis and I believe it will be worse than that as 7.2 million households have subprime loans and our financial situation will get a lot worse despite the Government, the Feds, and the stock markets long term rosy outlook. Anyway yesterday this was ignored as the fact that Wal-Mart experienced a larger than expected 3rd quarter gain was one aspect falsely used to increase the stock market when if there was a thought process going on it would have been noted that high end retailers are scratching and Wal-Mart doing better than expected means more people are being forced to shop in their stores than otherwise would.
The other major artificial reason was that there is more oil available in the world than thought. What the hell does that matter? Our refusal to build more refineries ensures a bottleneck that gives our industry the excuse to raise prices as we see continuing today despite that news and the fact that the price per barrel is on the decrease. Anyway these games must stop. Lets look at some real factors that should be negatively affecting our financial stability and psyche and when reality hits and things are put into their proper perspective the picture will not be good.

Everything else aside the world is getting increasingly unstable as it prepares to erupt into world war that I blame on Bush! A senior general warned Wednesday that Russia could deploy short-range missiles to Belarus as part of efforts to counter the planned deployment of U.S. missile defense sites in Europe, Russian news reports said. Col. Gen. Vladimir Zaritsky, the chief of artillery and rocket forces for the Russian Ground Troops, said that "any action meets a counteraction, and this is the case with elements of the U.S. missile defense in Poland and the Czech Republic," the ITAR-Tass news agency reported.

The U.S. plan would install a radar base in the Czech Republic and 10 interceptor missiles in Poland — both former Soviet satellites that are now NATO members. It is part of a wider missile shield involving defenses in California and Alaska that the United States says are to defend against any long-range missile attack from countries such as North Korea or Iran. Russia strongly opposes the idea, saying Iran is decades away from developing missile technology that could threaten Europe or North America, and it says the U.S. bases will undermine Russia's own missile deterrent force. Read more
It has been my contention right from the get go that the missile defense system is doing its job and that is to force Russia and the rest of the world into Bush's Forever war. Knowing this, seeing this, and believing this, this still growing world chaos should be affecting us and it will but this should really be hitting home. Knowing these Bush created Forever wars are just beginning people better be concerned with this!
Bush just vetoed a Bill that would have funded the departments of Labor, Education, and Health and Human Services for you people and you are the ones paying for and will pay for his wars as he gives the rich back their tax contributions. This is stunning, meanwhile we are told The total economic impact of the wars in Iraq and Afghanistan is estimated at $1.6 trillion by 2009, a congressional committee said in a report released Tuesday.

That is nearly double the $804 billion in direct war costs the White House requested so far from Congress, the Democratic-led Joint Economic Committee said. The committee estimated $1.3 trillion in war costs by the end of 2008 for Iraq, and the remainder for Afghanistan. The total war costs could grow to $3.5 trillion by 2017, the committee estimated. The higher total economic impact comes from, among other things, the cost of borrowing money to pay for the war, lost productivity, higher oil prices and the cost of health care for veterans, the committee said. The committee calculated the average cost of both wars for a family of four would be $20,900 from 2002 to 2008. The cost for a family of four would go up to $46,400 from 2002 to 2017, the committee said. Read the report
Knowing these wars are just getting started and the entire world is taking sides preparing for it and that this will all spread exponentially I would estimate closer to $10 trillion and bankruptcy. This should be our concern. We have got to get reality spoken about by our politicians. Except for Ron Paul who I am almost sad to say is a Republican we just do not hear it. We can not continue these games as usual while our future is in major jeopardy and remember trillions in Debt have been put off until Bush is gone so his economy can look good and our children and grandchildren will have to pay it if they survive Bush's wars present and future.

James Joiner
Gardner Ma


Aardvark EF-111B said...

I am really enjoy reading your posts, but
-Sorry, there is a real crisis in oil supply worldwide, the surplus production capacity & reserves worldwide are lower than ever.
the american market is more locally affected by deficit in Refining Capacity but does not change much the truth
[[maybe the average US consumer should try not to buy SUVs]]

-of course you are better informed about the mortgage crisis in USA but why i feel it is a Bubble-Brust?, (market correcting itself)

- I don't know why there is 800B-16000B USD millitary spent in the last 4 years, (how they calculate such figure?, the scale of millitary action in Iraq & Afghanistan are not WW3??, why prices of every thing is so high in US)

an average patriot said...

Thanks! I think the article was influenced by the discovery in Brazil making it presumably one of the major suppliers in the world.
For the housing market! That is no bubble and they are beginning to realize it is another crisis and will get a lot worse. I have written on it many times. This house of cards Bush allowed to be built is just beginning to crash.
I had a problem with getting comments to accept links yesterday sp I won't attempt it today. If you are curious Google Mike Whitney's "The second Great Depression" Very interesting and it is just beginning to happen.
Also, I won't get too deep on you but you are seeing the beginning of WW3 and the sides are forming. The cost of these wars are what is suppoed to bankrupt America and be its ultimate demise. We will see!