While putting my thoughts together regarding the Texas economy, another issue arose that I think needs mention.
Ben Bernanke’s upcoming departure from the Fed, coupled with the likely curbing of QE3, the quantitative easing open-ended, bond purchasing program equaling $85 billion a month, caused the Dow average to drop about 500 points last week.
At the same time, applications for loans from homeowners dropped 15 percent as well, to the lowest level since November 2011, according to an index from the Mortgage Bankers Association.
I mention this because these events indicate that the already fragile economy is now significantly more susceptible to a downturn, especially with businesses fearful to hire due to the significantly rising costs and bureaucratic impediments caused by imminent new healthcare taxes.
So, what does the incumbent do in the face of this economy-crippling news? On Saturday he states that he’ll now introduce new greenhouse gas regulations that he hopes will drive the coal business out of existence. And if he does that, costs for electricity will rise as well, further strangling whatever hope for economic improvement still exist.
As a result, all three major stock indexes were down significantly again this morning, with the Dow losing another 200 points last time I looked.
Consequently, sitting back and thinking about the horrendous condition the nation’s in with the incumbent at the helm, it occurred to me that the U.S. prevailed in World War I against the Triple Alliance of Germany, Austria-Hungary and Italy. Then it fought the same group, as well as Japan, in World War II, and won again, coming back and rebuilding both times to become bigger, better and stronger than ever.
But now, today, there’s one guy in the White House who piece by piece, step by step is shredding our country all by himself. Pitting groups of citizens against each other, stamping out progress, penalizing those who oppose him in any way via a myriad of government departments that tax, fine and intimidate free marketeers and open-minded thinkers.
The reason I bring the preceding up now is, when writing about Texas and how successful it’s become by limiting government, lowering taxes and working hard to stay business and citizen friendly I can’t help but compare it to the exact opposite evidenced by the incumbent's administration which is an unequivocal total disaster by every conceivable measure there is.
And what I truly will never understand is how anyone on Earth can hate others success so much that he’ll ruin an entire nation just to make sure everyone else is as unhappy a failure as he obviously is.
That’s it again folks.
Adios
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