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Spotlight on the Economy: Can We Trust Our Leaders Anymore?
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Spotlight on the Economy: Can We Trust Our Leaders Anymore?
SOUTHERN MARYLAND - 1/8/2009
By Pete Hurrey - Commentary
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The following next few tidbits were taken from Fox news, but serve to illustrate the point above: Consider that Barney Frank. In July 208, the chairman of the House Financial Services Committee said: "I think this is a case where Fannie Mae and Freddie Mac are fundamentally sound. They're not in danger of going under.... I think they are in good shape going forward." Of course, now you and I, tax-paying Americans, own most of the failed mortgage concerns and home sales are worse than ever. Then there was our outgoing president, George W. Bush, who in March 2008, said the "market is still in the process of correcting itself." Since that statement, banks, investment firms and every one of our major employers – the automobile manufacturing concerns have either failed or were bailed out by, you know who. Yep, we, the American tax-payers once again. Then there was failed presidential candidate, John McCain who stated throughout his campaign that "the fundamentals of our economy are still strong." Tell that to Ford, GM and Toyota who just reported a more than 30% drop in sales on top of the existing weak market which caused them to drive into Washington with their hats in their hands looking for help. Finally, consider 2008 statements by our wonderful oil industry executives who told us oil would hit $200 per barrel. Well, it almost hit $150 and now sits at about $48. However, the pricing scare and the subsequent roller-coaster ride for fuel caused everything from the price of milk to a loaf of bread to skyrocket. Of course, oil has dropped, but we still have to pay $3 for a loaf of bread and about $5 for a gallon of milk. Speaking of those we elected to take care of us; just before Christmas we saw a story about our beloved county commissioners holding a meeting on Christmas Eve to purchase a $5.5 million piece of property. In the same week we found out that most of our local jurisdictions have had to cut back considerably on spending because of the downturn in available funds. Most Americans are at least making an attempt to fix our little nano-economies. We dutifully spent our tax stimulus checks and yet more of us find ourselves out of work now than before the economy was so stimulated. Who are we to believe now? Apparently, once we elect our leaders, a good many of them seem to forget for whom they work. Given demonstrated history in recent months, trusting the new batch of officials is going to be difficult at best. Nationally, we’ll begin to see in a month or two after the hoopla of the inauguration. We already know what we have locally … oh well; at least there is 2010 when we’ll get to make the attempt at correcting our local situation one more time.
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