So unless you're living under a rock or really don't care about the state of our debt right now; Lehman Bros will be filing Chapter 11 bankruptcy and Merrill Lynch is being sold to Bank Of America for a mere 50 billion---pennies and nickels perhaps? So what the hell are we gonna do now? That's the plaguing question I ask myself as my roommate is now contemplating leaving our humble abode because she has trust fund money tied up in both of the major banks and has been unsuccessful in finding employment here (in New York City) within the past 6 months. New York City at current has skyrocketed in unemployment rates. At present, it is 5.2% higher than it was last year. As a matter a fact, the Department of Labor has extended benefits another six weeks for all NY residents. Whoop Di Do. In six weeks I have a better chance being struck by lightning than to find a job.
So now is the time that we all sit back and question the reasons why this is happening to our economy. Why are banks lending more money than they can actually afford? Who is the lender of all of these funds being borrowed upon? Are banks really underwriting their own insurance? So what's the deal people? Who is responsible for this? I'm not going to say the Bush administration because they are not to blame for every financial crisis that happens in this country. However, I will say that it certainly doesn't help that billions of dollars are being spent on a monthly basis to fund a war that over 60% of Americans disagree with.
Now is the time to change the way the old system was taking care of things. We need to stop these scheming student loan private lenders who are charging astronomical interest rates to fund a child's education. We need to clean up what's happening on Wall Street. We need to stop funding a war that is taking monies away from health care, education, and levees needed to stop vicious hurricanes. ENOUGH IS ENOUGH.
So I will repeat my question again and ask...Will America's Latest Debt Crisis Help The Obama Campaign?
Let's hope so. I'm afraid what 4 more years of the same old policy that is killing our economy will do the state of our nation.