It is going to be a bumpy ride today! When American wakes up and sees that Lehman Brothers has filed for bankruptcy, Merrill Lynch was sold to Bank of America and AIG is seeking a $40 billion loan from the fed, I fear the news will be too much to avoid a huge correction in the market.
Is this a surprise to anyone? Didn't we all know this was coming? The failings of the government to provide proper oversight over our financial institutions has gotten us to this point. Thankfully this time the Fed showed the restraint to not bail out Lehman. I was fully expecting another round of corporate socialism once I heard the Korean investors had backed out of the Lehman purchase last week.
Despite the restraint in this instance, what got us here was a failing of our leadership at all levels, across both parties and all three branches of government. This is precisely why we need a wholesale exchange of the folks in power and to get back to basic fundamentals. Oh yeah, and by the way, we need to get rid of the lobbyists who have been allowed to corrupt our system of government.
As yourself this...if Congress has a 9% approval rating and the country is looking for a change, then why will 70%, or more, of incumbents win their elections in November? I believe it has to do with the "not in my backyard" factor.
Too many of us believe our senators or house leaders are doing a fine job and that it is everyone else's congressional delegation who is the problem. What? That is insanity. I beg and plead with the American voter to wake up and realize the problem is "All of the Above."
I am currently researching the stare specific individual approval ratings of the 535 members of Congress and will report my findings prior to the end of the month. What will I find? So far I have yet to find a rating approaching 9%. Interesting? I think so.
God Bless America,
EG
erik@exchangeyourgovernment.com
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