This is Floyd Wynne with THE VIEW FROM HERE.

How did we get to where we are now?

On every side we hear the terrible details of a pending recession, or even a deadly depression.

Fear is in the air at every turn and Americans are warned that their hard earned savings are in danger of vanishing in a stock market that has shaken the world, literally.

They are constantly told that there will be no money available, and that jobs will disappear and only the very rich will survive.    We are told America is on the threshold of complete government control of our lives.

The government has dedicated 700 billion toward solving  the problems of a stock market decline that has shaken all the world markets.

How did we get here?

As this year began the two biggest problems facing this country were the conduct of the wars in Iraq and Afghanistan and the price of gasoline at the pumps.   The economy appeared to be holding steady and the war in Iraq was doing much better with the recent surge. Yes, there was some joblessness but it was about the normal level for the year. The stock market was proceeding in the 12 to 13 thousand range and appeared for future growth.

Then came the beginning of the presidential political battle. The arguments were mostly over who would make the best President, along with criticisms of the Iraq war and its handling by  the administration.

A relative unknown named Barrack Obama arose from the Democratic ranks and eventually defeated favored Hillary Clinton.   With a captivating voice, Obama preached a philosophy of more taxes for those earning $250,000 a year and less taxes for everyone else, an obvious ploy to the masses.   Senator John McCain emerged as the Republican nominee and added The Alaskan Governor Sarah Palin to his ticket.

The usual arguments included who was better qualified to run the country, the need for universal health care, as well as taxes.

Then came the collapse of the two federally guided fiscal gurus of the nation, Fannie Mae and Freddie Mac.  Only then did the public learn of the method used by banking institutions to handle mortgages.    Most people thought that a mortgager with one bank meant just that.   But the banks sold those mortgages on to larger corporations and eventually they rolled into either Freddie or Fannie.

Some like McCain had warned that the two were in financial danger, but it was ignored, and when they fell, some large corporations did also.   Enter the Feds with a 700 billion bailout…..tailored apparently to the big corporations, despite their activities.   Now, both candidates have proposals aimed at aiding those who made the huge mortgages in the first place.

Politics immediately switched to the economy…….with one promising 95 percent of the people a tax break, meaning the other five percent would cough up the difference.  Obama talks of tax breaks for virtually all, but promises universal health care and a host of other programs without a word about who will pay the bill.   Lately he has muted his pans to tax corporations more, dividends more, capital gains more and on and on.

McCain stresses the need for more tax cuts and promotes cutting government spending.

So that’s how we got to where we are today..    Where we go from here as a nation depends on you, the voter.

This is Floyd Wynne and that’s THE VIEW FROM HERE.

 

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Text Box:   This is Floyd Wynne with THE VIEW FROM HERE. How did we get to where we are now? On every side we hear the terrible details of a pending recession, or even a deadly depression. Fear is in the air at every turn and Americans are warned that their hard earned savings are in danger of vanishing in a stock market that has shaken the world, literally. They are constantly told that there will be no money available, and that jobs will disappear and only the very rich will survive.    We are told America is on the threshold of complete government control of our lives. The government has dedicated 700 billion toward solving  the problems of a stock market decline that has shaken all the world markets. How did we get here? As this year began the two biggest problems facing this country were the conduct of the wars in Iraq and Afghanistan and the price of gasoline at the pumps.   The economy appeared to be holding steady and the war in Iraq was doing much better with the recent surge. Yes, there was some joblessness but it was about the normal level for the year. The stock market was proceeding in the 12 to 13 thousand range and appeared for future growth. Then came the beginning of the presidential political battle. The arguments were mostly over who would make the best President, along with criticisms of the Iraq war and its handling by  the administration. A relative unknown named Barrack Obama arose from the Democratic ranks and eventually defeated favored Hillary Clinton.   With a captivating voice, Obama preached a philosophy of more taxes for those earning $250,000 a year and less taxes for everyone else, an obvious ploy to the masses.   Senator John McCain emerged as the Republican nominee and added The Alaskan Governor Sarah Palin to his ticket. The usual arguments included who was better qualified to run the country, the need for universal health care, as well as taxes. Then came the collapse of the two federally guided fiscal gurus of the nation, Fannie Mae and Freddie Mac.  Only then did the public learn of the method used by banking institutions to handle mortgages.    Most people thought that a mortgager with one bank meant just that.   But the banks sold those mortgages on to larger corporations and eventually they rolled into either Freddie or Fannie. Some like McCain had warned that the two were in financial danger, but it was ignored, and when they fell, some large corporations did also.   Enter the Feds with a 700 billion bailout…..tailored apparently to the big corporations, despite their activities.   Now, both candidates have proposals aimed at aiding those who made the huge mortgages in the first place. Politics immediately switched to the economy…….with one promising 95 percent of the people a tax break, meaning the other five percent would cough up the difference.  Obama talks of tax breaks for virtually all, but promises universal health care and a host of other programs without a word about who will pay the bill.   Lately he has muted his pans to tax corporations more, dividends more, capital gains more and on and on. McCain stresses the need for more tax cuts and promotes cutting government spending. So that’s how we got to where we are today..    Where we go from here as a nation depends on you, the voter. This is Floyd Wynne and that’s THE VIEW FROM HERE.      

Text Box: 10/21/08