Months To Come!

Today the Federal Reserve Chairman Ben Bernanke said that the economy is suffering through a “severe contraction.” He also stated that he would do everything that he could to bring the country back. He also feels that the Fed and the Obama people need to work together to make things work again. Chairman Ben Bernanke feels that fixing the banking system is the way to go, like most other people including myself. I think the U.S. Government should let all these big banks and insurance companies like AIG fail. We need to stop handing them money and let them go into bankruptcy. After they file for chapter 11 the U.S. Government can come in and take over the businesses, but only to break them up and sell them off. This way the Government won’t run them, we can get new management in there and start with a clean slate. And this way the only one’s that get hurt are the shareholders, which after all they invested in that company, they took the risk not the American people. Why should we pay anymore money for the risk these shareholders took. Hey President Obama, what’s wrong with doing this way? To me and most other people out there this way seems the easiest, after all it’s going to end this way, so stop wasting money people and smarten up.

Recession Much Worse!

I have been hearing that it’s going to get much worst before it’s going to get better. I’m sure you’ve all heard it as well. And for the most part I hear it coming out of President Obamas mouth. I think he knows more than what he’s telling the American people, as well as the rest of the world. And I think a lot of people are starting to feel the same way.

As I was searching around the net today I came across a interview with Peter Schiff, president of Euro Pacific Capital. He thinks if the U.S. government passes this new stimulus bill we will be in an “inflationary depression worse than anything any of us have ever seen.” He also thinks that if the U.S. government should stop borrowing and let the market take it’s course so we can come up with a new platform. Right now our economy is built on borrowing and spending. He thinks we need to build on saves and production, and I can’t agree with him more. We need to stop living the ways we are now and start making hard changes to save our economy. Because if we don’t, and the bond bubble pops there will be no more government borrowing, then what would we do? If the collapse of the dollar happens the U.S government will go broke, and then the rest of world will follow. It’s time to start saving, and build on a real economy, not a fake one.

Jobless Claims!

Can’t believe what I read today about the amount of people out of work. It was reported by The Labor Department that the jobless claims has jumped to 626,000. This amount of claims is way more than what analysts had predicted. Analysts had figured that the amount would be around 550,000 people, boy where they off by a lot. I also read that we haven’t seen this amount of people out of work since 1982. This deep recession is hurting a lot of people right now. I sure President Obama comes up with a plan very soon, because we need it now. Anyway, this puts the total number of people out of work at about 6.5 million. And these are just people claiming unemployment insurance, how many people are really out of work is anyone’s guess at this point.

New Executive Pay!

Here’s something that put a smile on my face tonight. President Barack Obama is going to put a cap on how much executive’s that take a cut of the bailout money get paid. That means those crocks we call bankers can no longer pay themselves millions of dollars a year while their company is on corporate welfare. I read that some Senators where thinking of capping these crocks pay checks at about $400,000 a year. I think that’s still way to high. I say lets pay them $10 bucks an hour, the same their paying their cashiers, if even that much. Their cashiers work harder then they do, so this would be a fair rate, if not a little lower. And if their company loses money and the company stock tanks then they should be force to pay back the amount the company lost. This way they will have no choice to work as hard as they can. Anyway, this would never happen, but should. After all their taking money, so I should have a say in how much they make. I hope Obama thinks long and hard on this one, because these executive’s should be paid very little.