The people in Washington D.C. no longer represent you and I.
As I explained in my last article, and on my Google+ profile, I consider Congress’ actions — which led to an unprecedented S&P downgrade for the United States’ sovereign debt late last night — to be the result of self-interest, and perhaps even high treason against the state.
Consider what really happened:
1. A handful of conservative billionaires provided the money and organizational muscle to give the Tea Party “legitimacy.” (Also, it didn’t hurt that conservative media outlets, namely FOX News, treated the Tea Party as the biggest “grassroots” movement since Gandhi — giving the Tea Party the perception that it had FAR MORE support than it actually did. Perception equals reality.)
2. Tea Partiers were elected to Congress.
3. Said Tea Partiers turned what has always been a “routine” clean bill to raise the debt ceiling into a disastrous, ugly gridlock which shocked the rest of the world and hurt our standing.
4. When something finally WAS passed, it fell far below the expectations of those who actually know about economics. S&P was expecting a) an even higher reduction in expenses and b) MORE revenue coming in, aka, higher taxes on the rich.
5. The S&P downgrade is serious business, and it seriously damages America’s standing in the world. Additionally, it will likely harm those who have their retirement portfolios in equities and cash, WHILE ENRICHING THOSE WHO ARE HEAVILY INVESTED IN GOLD, SILVER, OR SHORTING TREASURIES.
Many of the Tea Partiers have harped relentlessly about how they own tons of gold. The destruction of America’s credit rating DIRECTLY enriches them, while harming nearly everyone else.
Your car loan rates, student loan rates, mortgage rates, credit card interest rates and so on will needlessly increase. Capital will become more expensive, and banks will lend less.
As a result of this, consumer spending will fall off a cliff… so production will drop… so hiring will slow… which will further erode consumer spending… production will drop even further… Rinse and repeat until we are in a deep, dark Depression.
This is not a f***ing joke.
Even during the World Wars of the twentieth century, when our very existence was at stake, we never failed to maintain our credit standing within the global economy.
To hell with the Tea Party. To hell with them. In a crass, sleazy effort to keep taxes low for the handful of billionaires who financed them, they have permanently damaged America’s economic position.
So much for respecting the nation and the very consumers who made you wealthy to begin with.
Many people will lose their jobs as a result of this. Millions of people.
Millions will also lose a tremendous amount of their wealth and retirement portfolios over the next few days, beginning on Monday morning when the market will react harshly to the downgrade.
You can blame Democrats also, but the Democrats are incompetent and WEAK. The Tea Party was anything but weak. It knew exactly what it wanted, and it got it.
America is burning, and they’re getting rich on their gold and silver. How’s that for a so-called people’s movement.
Note: Not necessarily the views of my company, our affiliates or partners. My personal opinion only. Although I’m correct.
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