Tuesday, July 15, 2008

Stay Calm - No Need To Panic

According to George Bush our economy is still "fundamentally sound" and technically America is not in a recession. So don't panic and pull your money out of the banks...at least until the Bush compound in Paraguay is finished and the last of the elite are through picking the remaining flesh from our bones.

Under the backdrop of a deteriorating economic picture, President Bush said Tuesday he is taking action to help people with falling home prices and high gas prices.

Bush highlighted plans to stabilize the mortgage lenders Fannie Mae and Freddie Mac and lift the ban on offshore oil drilling as two steps his administration is taking to address some of the nation's economic ills.

How can a "free market economy" continue to bail out criminally negligent corporations. The banking industry has taken profits over prudence for the past 8 years gorging themselves at the expense of the American public. Now that their little ponzi scheme has collapsed the American taxpayers are being forced into bailing them out to the tune of several TRILLION dollars. This money is of course being paid to cover the losses suffered by the Saudi royal family and China but we are globalized now so it's OK.

At least Bush admitted today during the question and answer section of his speech that many of the big oil fields, mentioning the Saudi's by name, were in a state of "production decline" and removing the remaining oil costs considerably more money...this is the definition of Peak Oil by the way. He said that worldwide consumption was at 85 million barrels per day with worldwide production at 86 millions barrels. He then stresses the need for alternative energies and in the same breath mentions that offshore drilling will solve our problems.

Bush could at least try and hide his latest love gift to big oil. The offshore oil drilling scheme will not solve our energy problems. First off there is not enough oil there to really make a difference and secondly it will take 20 years to begin exploiting these small reserves. Plus the oil will be sold to the highest bidder delivering these resources to China or India. So we lose our coastlines and don't get the oil.

As a taxpaying citizen I say let the beast fall. I don't really think it is my responsibility to prop up the global elite because they are having a bad year in the markets. It really is time to panic.


Mayberry said...

I disagree with "losing our coastlines", but agree that offshore drilling is probably too little, too late. I can look offshore here and count many, many oil and gas platforms. We've had no great disasters here, and the rigs are actually excellent habitat for fish, corals, etc... As a SCUBA diver, I love 'em! They're also great for "dead reckoning" navigation, they give you a landmark. Anyways, I don't really notice them when I'm at the beach. I want more of 'em!

riverwalker said...

The government flunkies out there are mor worried about getting re-elected than solving the problems of your average American. They have no cocept of the struggles individuals are having to endure just to get by nowadays.