The August 2nd debt ceiling deadline imposed by Timothy Geithner is no longer an issue. The scare tactics of “default”, which was never a possibility in the near future, worked as intended by the media and the president.
So now where is the United States? Or rather where are we the people? Based on the analysis of the debt ceiling legislation, the stock market’s reaction is definitely negative:
The people who have tried to live the American dream by working and saving for their golden years have been sacrificed for political expediency. In the past five trading sessions, the market has lost 5.08%. The dollar is being devalued at the same time and our only saving grace that it has not already collapsed is the EU crisis devaluing the Euro even faster.
Our home values have lost nearly 30%:
Home values are reportedly already down nearly 30 percent from their peak. And commercial real estate values have tumbled even further, down nearly 45 percent from their October 2007 peak.
Where did our wealth go? Labor unions, federal expansion, social justice, stimulus and Wall Street. Washington has given up any pretense of representing the people: they are representing international power interests and buying the votes of labor unions and the people receiving 80 million government checks every month.
Our hard work has been redistributed with Congressional consent and we are seeing the consequences rapidly unfold over the past two weeks. When will redistribution be answered with retribution? And what form will our retribution take?
Our elected officials are placing the blame on hobbit patriots for manufacturing a crisis based on fantasy. We must realize that our sacred honor is worth more than what is left of our redistributed “fortunes”. The only question we have to ask is “What would free men do”?
As our president celebrates his 50th birthday in grand fashion, we need to reflect on the following words and what they meant to our founding fathers:
And for the support of this declaration, with a firm Reliance on the Protection of divine Providence, we mutually pledge to each other our lives, our Fortunes, & our sacred Honor.
David DeGerolamo
