The stock market plunged, so did bonds, municipals, FNMA, GNMA. Americans and companies that had investments are about 5.5% poorer today than they were last Friday. We at http://www.benboothe.comunderstand value and appraisals, and the U.S.A. and it’s millions who have stocks and bonds, are poorer today than they were last week.
What was predicted is happening. Foreign investors are selling off American assets including the US Dollars. Interest rates and values of American investments are declining. The Fed and U.S. Treasury tried to take steps to “support” U.S. Bonds and the US Dollar in markets but there is ony so much that they can do.
Those who asked for “moderation” by the Republicans, and by the T Party crowd, were correct in that this is already a fiasco for the American people. As our assets become more devalued, and as our U.S. dollars are sold off (as China as said it would do), then trillions of dollars of American wealth will dwindle away. Today this process began.
The fear is a double dip recession. That is irrelevant. For the over 10,000,000 Americans who are unemployed, there never was a recovery. Jobs is the only thing that is relevant.
We again ask the leaders in Washington to consider:
1.Give U.S. Corporations tax incentives to bring jobs back to the USA from overseas
2.Give business incentives to hire new people, this proved most effective in Malaysia
3.Require that giant multinational retail chains that locate in heartland America and suck millions out of local communities and “close up” the town squares, put 1% of their retail gross sales back into a fund for economic re-development of the towns where they have stores. Make loans to small business and help rebuild the towns that they exploit.
4.Require the “Giant 10” banks of America, which are inefficient and do not give service to communities, to spin off assets back to local ownership, so that local banks can again have assets to lend to small business.
5.Refund and strengthen the SBA lending program and realize that 90% of new jobs start with small business
6.Rebuild our manufacturing base, and jump start manufacture of progressive industries such as renewable energy.
7.Strengthen agriculture, and emphasize new mass greenhouse food production, and make it easier for farmers to hire laborers to work the fields, to repopulate local communities with workers eager to work. We would be refreshed to see our Congress and Senate spend energy, time and resources to do something positive to “build” America, and stop fighting on negatives or being stampeded by radical politicians seeking attention for political gain. Those who elected the Te Party are just as responsible for this loss to the American economy and the American people as the Republicans are. They should use wisdom and elect moderate leaders of wisdom in the future.