The writing was upon the wall of the U.S. Treasury dept when President Bush was warned in 2007 that Sallie Mae and Fannie Mac (sp, not sure if I got the right bank names) were in danger of a financial disaster unless the problem was taken care of. President Bush ignored it. Small but minor band-aids were done to support it.
Bush left the political "HOT POTATO" problem to be taken care of by the election of President Obama. Obama was stuck with a very sick economic nation.
In the last 3 years, President Obama and congress didn't care how much money they spent. They wanted to keep the country going. They wanted to keep economics going. However the stimulus funds were just temporary band-aids too.
After the congressional budget was passed this year, we were suddenly confronted that our nation's debt ceiling was at the limit of borrowing matters. Talks are going on how to resolve this. There is one resolution, but nobody doesn't like it. Every state would have to pay back to the U.S. Government for ALL the pork barrel projects that were funded at the expense of the U.S. political persons in congress. It's kind of makes sense because every political person wants to make some political points with the voters back home by giving back money to keep them in the next elections. Except they got greedy.
Like the unions were warned NOT to kill the golden goose of the company/state government, (and they have at times), now it's clear that the political people have killed their own golden goose that is USA.
What happens when Congress can't raise the debt ceiling in time to beat the August 2nd deadline?
Most of us don't want to even think that could happen. But, it is possible that it could happen. It is a dark day when people will turn on the rich, and people will turn on each other.
It is possible that things will get really bad out there.
If you think the great depression that happened during the 1930's to 1940s in our nation was bad, this could be our WORST days to come along with the looming prospect that it will trigger a world wide economic crisis into another global conflict that will have everyone against each other again. Someone bigger than all the wanted men we've hunted down in world war I and II.
In the coming next two weeks, I want my readers to be prepared for anything to happen. Put your life in order. Get your documents in order. Make sure you talk to your family and friends. Forgive your enemies.
If you are going to get married, have a partner, whatever life commitment you make to someone, get it done so that you can be with someone you love when the crisis hits.
If you got a job out there, make sure your job is secure with your employer. Employers don't like what's going on out there. Even they fear the financial future too for their business.
Hopefully Obama is not banking on the debt ceiling disaster as a pre-text for his 2012 accomplishments to get a 2nd term, he would be dead wrong if the whole thing come down on him. End of his Presidency? Maybe. But, every other congressional political person would also have to put their career on the line too. One solution was said long ago: End Pork Barrel projects or any other pet projects.
USA will have to go on an emergency financial diet to save the economic means of the nation.
In other words, there's just one message for President Obama and the Congressional leaders from the voters out there: GET IT DONE OR FACE THE WRATH OF VOTERS COME NOVEMBER WHEN WE SHALL REMEMBER!
Yes, we will remember. Everyone is watching closely for what may or may not happen. If it gets resolved, we can thank God. If not, well, Best luck for all in political involvements that have to convince the the voters to re-elect them.