Before I go into exactly what McCon has done to America, I want to post a link to Glen Greenwald's great video. Bravenewpac films has made McCain's Distortions. Watch it and donate. Here is another one of Greenwald's Bravenewfilms takeing on McCain. I have previously posted this video, but it is worth watching again. Pass them on to your friends.
Here is what McCon has brought America along with the GO-Plunderers. They, nor he, have been the agent of Change, as you will see just how far America has fallen.
- The likely disappearance of $2 trillion of household wealth that was converted into debt, which can no longer be transformed into consumer spending.
- 29% of all households that purchased homes within the last 5 years owe more than the house is worth.
- 40% of Americans are spending more than they earn because their wages lag around 2% behind the government's stated rate of inflation, which is officially nearing 8%, yet according to Shadow Govt Statistics inflation is at 12.5%.
- The average American household holds $9,840.00 in credit card debt, at an interest rate of 19%, because they can no longer use their homes as ATM cards and credit cards are their last efforts to get cash to pay bills.
- Personal consumption fell to 15% in 2Q08, and could very likely turn negative in the coming quarters.
- Current credit card debt exceeds $880 billion.
- There are 1.3 million foreclosures, while in 2005 there were 600,000.
- There is an excess of 3.5 million homes in the U.S.
- This 20 year credit expansion, brought to us by Alan Greenspan and the GO-Plunderers, as well as John the Con, created such a mortgage spending frenzy that if you took that growth out of the GDP, between 2001-2007, we would have shown less than 1% GDP because Greenspan only believed in debt wealth creation and not industrial productivity.
- There now is somewhere between $450-516 trillion in toxic derivatives and credit default swaps throughout the world, which originated from the home mortgage debt frenzy.
- The world is a $48 trillion economy and the U.S. is $13 trillion of it, yet what will happen when the consumer stops spending? In addition, we have a $10 trillion national debt. The economy and the debt are nearly equal.
- 84,000 payroll jobs were lost in August; 60,000 lost in July; 101,000 private sector jobs lost in August, August unemployment rate was up to 6.1%, yet if discouraged job seekers were factored in the rate would have been closer to 8%.
- 3Q08 GDP figures will likely be under 2%.
- THe U.S. had $10.6 trillion in outstanding home loans, as of March 2008.
- Existing home sales fell to a 10 year low.
- Bank willingness to loan to consumers was at a 28 year low.
- We are only 21% of the world's GDP, but spend 47% of the world's total military expenditures.
- There are 537 elected congressional officials, but there are 35,000 lobbyists buying influence. McCain's campaign is ruled by 159 of those lobbyists.
- 8000 construction jobs disappeared in August, as well as 20,000 retail jobs and 1600 financial jobs raising the red flag in regards to future growth.
- The July trade deficit reached $68.2 billion; up from $58.8 billion in June.
- Since 2001, the annual trade deficit increased more than $300 billion.
- Since 2001, 3.8 million manufacturing jobs have been lost.
- Americans borrowed from foreigners around $50 billion each month impacting upon our trade deficit.
- There is around $37 billion in FDIC, yet Fannie and Freddie hold $8 trillion in mortgage debt, and $4 trillion is FDIC insured.
- The nation's biggest banks and investment companies are either going under, or getting taxpayers to bail them out. They cannot survive without taxpayer dollars.
- Over 45 million Americans are uninsured, 40 million are under-insured, but the same GO-Plunderers bailout the richest CEO's in the nation, without any sort of penalty or jail time, will not consider a single-payer health care system of working America. Socialism only for the free-marketeers, but not for working people.
- The Bush wars are costing over $12 billion per month.
- The total cost of war will likely reach over $2 trillion.
- Hank Paulson will be throwing $20 billion per month at these financial institutions holding bad mortgage-backed security debt in order to keep them solvent.
- Fannie and Freddie were bailed out not because they were drowning but because the foreign sovereign wealth funds (central banks of other countries) told them to bail out the bad mortgage debt they bought from these American institutions, otherwise there will be blood on the tracks.
- 1.4 million Americans are working at part-times jobs out of necessity and not by choice.
- Median salaries ranging from those with only high school diploma to a master's level degree fell between 3-4%, when adjusted for inflation, therefore, the cost of college may not ever pay for itself with a boost in income.
- Inflation-adjusted median household income has declined by $1175.00 since 2000.
- Vacancies at community malls hit a 13 year high of 8.2% in 2Q08, while vacancy at regional malls hit 6-year high of 6.3%.
- July and August retail sales have dropped by 0.5 -0.7% respectively.
- Part of McCain's legacy while in the congress is that over the last 10 years, the economy is about $1.5 trillion smaller. This comes to $10,000 per worker according to Peter Morici, professor at the U. of Maryland School of Business.
- During the 23 years McCain sat in the congress, the U.S. has increased petroleum consumption by about 5 million barrels per day. Now, the 2007 Energy Act could reduce consumption by 4 million barrels per day by 2030, according to Morici.
- U.S. imports from China exceed exports by nearly 5 to 1.
- China holds $447 billion, or one-fifth of their currency reserves, in Fannie and Freddie's debt, and will now halt their buying our the dollar in favor of other currencies. That will force the Fed to raise interest rates to attract foreign funds to once again buy the dollar. This could tank the economy in further. McCain and his GO-Plundering Pals, like Phil Gramm, have created this mess by erasing regulation from the financial markets.
- Under McCain/Bush/GOPers, we have a $700 billion current accounts deficit, which had been financed by foreigners buy up our financial funny money securities.
- The Phil Gramm, John McCain, the the 23 years of GOPer deregulation of the financial markets has been nothing but a full blown failure of monumental proportions.
- The national debt is costing every taxpayer $66,666.00.
- Soldier suicides, just this year, could surpass the record rate of last year.
Retired Andrew Bacevich, who now teaches at Boston University, has said that expansionism fostering greater power and abundance, and facilitating the pursuit of freedom has become undone. Efforts to pursue expansion in every which way, even including the war on terror, has squandered American power, wasted our wealth as a nation, and compromised our freedoms.
This has all occurred on John McCain's watch even while purporting that he was a maverick, though such a rebellious badge of honor had been made out of thin air.
Here is a very interesting Youtube video about the current issues around gold. It is in three parts totaling 30 minutes.
Here is a Youtube video of Sarah Palin speaking at her church. It is worth watching! Sarah is NOT vice-presidential material. Here is why.
Here is a Youtube video about the Freddie and Fannie bailout, Watch it.
Thanks for reading, Jerry
Postscript: A must read from the Regressive Antidote called First Country.
It is about McCain and is GOP convention. It is a classic read!