I’m just a sixth grade school teacher (I’m pointing this out just in case someone happens onto this site – believe me, I already know this :o) who has had the misfortune to start reading books about The Iraq war, the Bush administration, and our government in general. Now, it’s true that I originally was a political science major in college and have been following politics to some degree over the past 45 years or so, but not with the same intensity that was generated from my desire to understand the full effects of the Bush government (or lack thereof) on my granddaughter and soon to be grandson or granddaughter #2. They are the ones who will feel the full effect of what has been done over the past 8 years (actually, I believe the republican assault on our system of government started with Richard Millhouse Nixon – I don’t think anyone with Millhouse as part of their name in any way should ever be eligible to run for public office again!). Today, I am feeling the need to express my thoughts about the financial crisis of 2008 and where it is headed.
In regard to this crisis and Bush’s culpibility, I could probably sum up my thoughts by saying I saw the guy in Iraq throwing his shoes at Bush, which if you didn’t know this – throwing a shoe at someone in Iraq is the supreme insult, and my first thought was that I wished one of the shoes would have hit the target. Bush actually showed he still has some reflexes as he dodged the shoes. As a side note: (if you’ve read many of my posts you know that I’m not good at avoiding sidenotes) in many parts of the Arab world (and probably our “world” too) the guy is being hailed as a courageous hero. The “official” word from the Iraqi leadership is that Arabs don’t treat foreign dignitaries with disrespect. When I read that I just about gagged – I don’t have time for this sidenote here, but if you want to know how they really treat people they don’t like, read the book “Moqtada as Sadr” by I can’t remember who right now.
I’m just trying to frame what I really want to talk about today – the recession/possible depression. This thing is BAD. I don’t think the average person on the street understands how bad it is – because the “full force” has not hit yet and what I see “looming” is HUGE! Keep in mind the way our media has been working for the past 30 years or so. The republicans have been secretly gaining control of the different aspects of the so-called “mainstream media” now since the early eighties when Reagan gained the White House. It has gotten to the point where about five corporations control a vast majority of the information that is relayed to the public. The only saving grace for those of us who want to know what is REALLY going on out there is the internet. When the “BIG BOYS” clamp down on the freedom of information on the internet, that will be the time to really start to worry about what lies ahead. And as I just wrote the word “lies” in the context of what is going to happen in the future, it reminded me of the importance of the other meaning of the word – because that is what Murdoch, GE, and their surrogates like Limbaugh, Hannity, Savage, and so many others specialize in – lies.
The fact that it finally came out in the last couple of weeks that we’ve been in a recession since late in 2007 shouldn’t be such a surprise to those of us who have been watching carefully. In fact, I’ve been warning the young teachers in my school not to borrow money, to save money, and be prepared for a devestating economic “crunch” since mid 2007. I’m not trying to pat myself on the back, I’m just trying to point out that it didn’t take an expert to figure out the economy was upside down. It’s just that a vast majority of Americans are too busy trying to get by to even take a moment to figure this out, and most of the ones I talk to aren’t interested. I often hear “I don’t want to talk about politics.” The fact that the government “discovered” we’re in a recession over a year after it started shouldn’t be too surprising either, but it’s an indictment on our nation as it is presently functioning.
The Bush administration has been throwing money at the problem since early in 2008. My thoughts regarding the different stimulus packages, from the money they gave each of the taxpayers to the incredible amounts of money they’ve been throwing at Wall Street; that should have been “red flags” to anyone paying attention. They didn’t want to use the “R” word prior to the election just in case the public was stupid enough to fail to notice everything around them standing on shaky ground. The big problem, as I see it, is that the greed of the politicians in power, and the corporations that put them there, did (does) not allow for any kind of serious attempt to actually address an economy that is failing. They were hoping that they could win another election and, I suppose, thinking that there was a bottomless pit of money for them to get their hands on. Unfortunately, the government is supposed to intervene and actually manage the economy, not facilitate their friends stealing from it – and by the time Bush is out of office the damage will be so great that it’s going to take years to recover from this. The big question I have is “Where is the bottom?”
There is an old saying that goes something like this: “When my neighbor is out of work, it’s a recession. When I’m out of work it’s a depression.” Well, a lot of people in this country, based on that saying, are feeling like we’re in a depression – and I believe you can count on this – a lot more are going to be in that category soon. Barrack Obama, in my opinion, has the right philosophical approach when he says that the solution is a “bottom up” approach to creating jobs. Essentially, the people at the bottom of the “food chain” need to have an opportunity to get financially healthy again. In a true solid economy the theory should be “trickle up” instead of the “trickle down” theory of “supply side” economics initiated under Ronald Reagan and correctly labeled as “voodoo economics” by the first President Bush during the campaign that ended up putting both he and Reagan in the White House. Unfortunately, with the exception of the eight years of Bill Clinton, we have had to endure “trickle down” economics for the past 28 years. The “bills” are finally coming due!
The rich people didn’t “trickle down” the trillions of dollars they gleaned from our economy in the form of tax reductions that have pushed our national debt over 10 trillion dollars. Early on in Bush 2’s first term, Dick Cheney, who somehow was put in charge of the economic policy of Bush’s administration, was quoted as saying “Ronald Reagan proved that deficits don’t matter.” Well, of course they don’t matter to people like him who are amassing fortunes in the hundreds of millions and billions of dollars. The problem with all this is that “We the People” are about to pay maybe the largest price in the history of our nation for their excesses. This recession/depression is a national disaster unfolding right before our eyes – and a severe threat to our national security, which these republicans are supposedly very concerned about. Obama is showing signs of retreat in regard to taxing the “rich” in this country, but if he does he, in my opinion, is making a huge mistake.
I realize that President Obama is going to have to live with some massive deficits for at least the first few years of his administration. But he needs to send a clear message to those who “have” that this is a national crisis, and them paying more in taxes is critical to generating the funds necessary to get us out of the mess created by “trickle down” economics. They will continue to be filthy rich, but they also stand to lose if we don’t get this “ship” turned around as soon as possible. I believe most Americans who have large estates will be willing to pay more in taxes to protect this nation’s position in the world. A recession of this magnitude could be, in a way, looked at as the mushroom cloud everyone was worried about when Bush was lying us into the Iraq war. If you can picture in your mind the ripple effects of each entity going “under” maybe you can see that the worst is still in front of us – I believe it will be at least two years before things actually start to turn around.
To me, the $700 billion bailout will be like throwing “good money after bad” (although I hesitate to call it good money, because I have no idea where they got it – I’m assuming a printing press somewhere) unless Obama steps in and redirects the remaining unused portion of the money in a direction that will actually stimulate the parts of the economy in stress. I work in a small school district (compared to some of the districts in big cities across this nation) and when I see talk of eliminating 148 teachers just in our district next year (that’s almost 15%) it helps me to see the gravity of the problem. And this shows how the effects of a crisis like this “mushrooms.” The 148 teachers will come from the “bottom” meaning the newest ones into the profession (for those of you who don’t support unions – you are now in even more precarious positions in your own job because businesses will not have to honor long term commitments) and probably many will find other endeavors before they can regain their positions. AND WE NEED MORE TEACHERS and these are good teachers! More importantly, without these teachers, the students are the ones who will suffer because the size of classes will go way up.
If you are not familiar with teaching, research supports the claim that the ideal class size is 18 students. As the amount goes upward the achievement goes downward because the teacher has less ability to work one-on-one with the students. AND OUR STUDENTS ARE OUR FUTURE! So while we’re throwing away money at Wall Street banks (by my calculation the $700 Billion would have been sufficient to balance almost all the state budgets in the country) public services will be slashed across the nation. Because I’m a teacher I’m trying to point out that the cut in services to our students (they will still be there no matter what the economy does) will be felt for years in the reduced performance of schools (of course the government will demand that achievement continue to grow even if we have 35 students in the classroom – that’s ridiculous!). But you can carry this over into just about any situation you want.
Health care; less people working, less people with insurance, less money for health care; the same or more demand for the services. Even someone who doesn’t spend much time thinking about these things can figure this one out. How about law enforcement; This is a good one. Let’s see; less money for “cops” means less “cops;” Less money for schools and services for kids, means more juvenile crime; Less money for jobs, means more unemployment and more crimes; Less money for prisons and more crimes means overcrowding which leads to the courts saying “release prisoners” which leads to even more crime. I could go on and on here. My point is that keeping Goldman Sachs in the black, while good for Henry Paulsen’s personal fortune, isn’t going to do much for students in my classroom whose parents already can’t afford to buy them a coat for the cold winter weather. This idea that we take care of the rich and somehow they will find it in their hearts to take care of the poor has finally come home to roost. There are thirty five days left for Bush to be inhabiting the White House, and he will probably continue to pore gas on the fire, so to speak, right up to the last day. My hope is that Obama hits the ground “running” and makes wise choices (if he doesn’t we are really in a fix)to counteract the “Bush doctrine” and that there is some accountability for those who have caused this. I’m OK with them wanting accountability for me in my classroom. I should be accountable. I also want accountability for my government. Unfortunately, the damage done by a government which succumbs to greed and corruption is far more devastating than my students not passing the state’s tests. The purpose of accountability is to prevent something like this from happening again. As far as punishment goes, I’m open to suggestions. While I believe Bush and many of his friends deserve “time” for their deeds, maybe there’s another way to get the point across that this can’t happen again. I’d like to see a poll of how many Americans would like to throw their shoes at President Bush!