Showing posts with label Bush Legacy. Show all posts
Showing posts with label Bush Legacy. Show all posts

Saturday, October 25, 2008

A Bleak Future


The house across the street from my house that was foreclosed on had a first and second mortgage of over $400,000 on it. It is now for sale for $229,000 by the bank. It looks like the holder of the 2nd mortgage took a direct hit on that loan. The bank that held the 1st mortgage also is taking a cleaning on their loan.

I never thought of my home as an investment but more as nothing more than housing that was being subsidized by the tax deductions the IRS allowed me to take for the interest I was paying on the loan on it. I paid $38,000 for my home when I bought it over 30 years ago and the loan on it has been completely paid off. My house turns out to be the best investment I ever made in my life compared to all my other investments and it still continues to be the best investment I've ever made.

When the US digs out of the economic mess it created for itself, the economy of the US just might not look like it did before our economic crash. I suspect that the economy of the US will resemble more the economies of Europe. There is a very good chance that homeownership for most Americans will become an untenable goal just like it is for most Europeans. Homeownership will become an advantage of a new privileged class made up of us old geezers who bought our homes when they were affordable and held on to them through good and bad times. Everyone else will be tenants like most Europeans are.

We are going to be living in very trying and "interesting" times for the rest of the time I have left to live. I hope things will be better for our grandchildren.

Fred

Tuesday, October 7, 2008

US - Field of Ruins


This is a very interesting opinion piece by a French/Canadian in Quebec on the legacy of the eight year George W. Bush Administration in the United States of America. I have to say that I agree with much of what he says.

This piece was originally published in the French Language newspaper La Presse. The translation of it into English was done by Leslie Thatcher of Truth Out.

Fred

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Field of Ruins
Wednesday 01 October 2008
»
by: Mario Roy, La Presse


Quebec's Mario Roy describes the US as an "empire which has seen its reputation, influence and real power in the world crumble over the last eight years."

The Americans will recover one way or another from the present financial crisis, whatever remedy they finally come up with between Wall Street and Congress during the next few days. They'll recover because they still make up a nation that never counts itself defeated, that is still inventive, determined, and powerful.

But something of the crisis will persist...

And that will be something extremely serious for the "empire in spite of itself," as the United States has frequently been designated. An empire which has seen its reputation, influence and real power in the world crumble over the last eight years. And seen disappear most significantly, the degree of trust its administration and its institutions have always enjoyed, in spite of what people said about them in the darkest hours of the 20th century: those of the bloodiest wars and the worst economic difficulties, of triumphant dictatorships and abysmal monetary devaluations.

Of all American institutions, the dollar will have been the most respected, whether in the hushed recesses of central banks managing open countries, or under the counter in closed countries where the lower class had no right to meddle with this dollar. So, this greenback, this symbol of the planet's most solid and reliable economy, is now washed out, pared down, trampled upon.

The idea of uncertainty will - from now on and always - be attached to it.

This frightening crack in the American financial edifice comes after the failure of its military apparatus, the slow collapse of which insidiously began, one may perhaps consider, in Korea. After the erosion of the United States' scientific and technological hegemony - which, in fact, leaves American students indifferent, while Asian youth gobble up the molecule and the algorithm. And after the great disenchantment with its diplomacy, to the point we see Nicolas Sarkozy's France cheerfully resume the role it has always considered its own since the time of Cardinal de Richelieu!

The United States' only intact power today remains its culture. But for how much longer? Culture is not a self-sufficient creature that can forever remain in better health than the society that feeds it.

Perhaps American culture has had the luck to remain almost outside the reach of politics. For it is politics, in particular the politics inflicted on the country for the last eight years, that is the source of the present evils. And those politics, far more than Wall Street's lure for money; or the incompetence of the military apparatus; or the decline of the universities; or the generalized abdication of individual responsibility.

Last week, in front of the UN General Assembly during his televised address to the nation, we saw a George W. Bush suddenly aged by 10 years. He had the look of someone who staggers, shattered, in a field of ruins.

He now, inevitably, knows what his place in History will be.

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Translation: Truthout French language editor Leslie Thatcher.