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Sunday, December 23, 2007

Will the Economy Become the Main Issue in 2008?

It is beginning to look as if former U. S. Federal Reserve Chairman Alan Greenspan knew it was time to exit when he announced his resignation.

For the last quarter of a century the Republicans have touted their ability to handle the economy in the best manner for Americans. In spite of this repetitive mantra by Republicans, reality has shown us a far different result.

The recession the U. S. experienced in the early 1990's came after eight years of the Republican President Ronald Reagan administration. The trickle down theory of many Republicans of less taxation of the rich for their investments will trickle down and help the less fortunate has never worked.

What resulted in the 1990's was greed took over and adversely affected the banking system as Savings and Loan institutions across the U.S. began to fail. The federal government needed to step in and bail out many of the Savings and Loan institutions while many individuals went bankrupt in the process.

Does this sound at all familiar today? After eight years of voodoo economics II under the Republican President George W. Bush administration, the U.S. is again experiencing a weak economy.

This time, replacing the go-go economy of the 1980's was the go-go real estate market of the early 2000's. The result was once again greed took over as adequate controls were not in place and people looked the other way in the sub-prime mortgage market.

The current Federal Reserve Chairman Ben Bernanke has continued to lower interest rates and now President Bush has offered federal relief to some of the homeowners affected by this mess.

This is all in addition to the present 9 Trillion U.S. debt level, of which 25 per cent is owned by foreign investment.

It is time we elect a Democrat for President to move America back in the direction of lower foreign investment in the national debt, a balanced annual budget, and a commitment to lower the national debt.

Look to see the economy become a major issue in the 2008 election.

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