The stock market plunged, so did bonds, municipals, FNMA, GNMA. Americans and companies that had investments are about 5.5% poorer today than they were last Friday. We at http://www.benboothe.com understand value and appraisals, and in the U.S.A. millions who have stocks and bonds, are poorer today than they were last week. This trend, is likely to continue unless some dramatic unexpected positive economic development occurs.
What was predicted is happening. Foreign investors are selling off American assets including the US Dollars. Interest rates are rising and values of American investments are declining. The Fed and U.S. Treasury tried to take steps to "support" U.S. Bonds and the US Dollar in markets but there is ony so much that they can do. The entire world is considering U.S. investments of "higher risk".
Those who asked for "moderation" from the Republicans, and from the T Party crowd, only got unyielding dogmatism, and were correct in that this is a fiasco for the American people. As our assets become more devalued and as U.S. dollars are sold off (as China as said it would do), trillions of dollars of American wealth will dwindle away. Today this process began.
We again ask the leaders in Washington to consider:
1. Give U.S. Corporations tax incentives to bring jobs back to the USA from overseas
2. Provide business incentives to hire new people, this proved most effective in Malaysia, and when all of Asia was in recession, Malayasia boomed.
3. Require giant multinational retail chains that locate in heartland America and suck millions out of local communities, while causing massive "close ups" of traditional town squares, put 1% of their retail gross sales back into a fund for economic re-development for the towns where they have stores. Make loans to small business and help rebuild the towns that they exploit.
4. Require the "Giant 10" banks of America, which are inefficient and do not give service to communities, to spin off assets back to local ownership, so that local banks can again have assets to lend to small business.
5. Refund and strengthen the SBA lending program and realize that 90% of new jobs start with small business. This is an area where millions of jobs can be creative within 12 months, but it will take a huge injection of capital and "push" from the President and elected officials.
6. Rebuild our manufacturing base, and jump start manufacture of progressive industries such as renewable energy.
7. Strengthen agriculture, and emphasize new mass greenhouse food production, and make it easier for farmers to hire laborers to work the fields, to repopulate local communities with workers eager to work. We would be refreshed to see our Congress and Senate spend energy, time and resources to do something positive to "build" America, and stop fighting on negatives or being stampeded by radical politicians seeking attention for political gain. Those who elected the Te Party are just as responsible for this loss to the American economy and the American people as the Republicans are. They should use wisdom and elect moderate leaders of wisdom in the future.
We expect our politicians, of all stripes, to get to work on positive programs to "build", "develop", "create jobs" and do something positive for 'we the people'. Our expectations are not out of hope, but from disgust and anger. The idealistic leadership of Obama and the Democrats and their call for fairness and balance, has been cast in the ditch of the mud slingers of the T-Party. And the traditional conservative leaders of the Republican Party, bent over and let the T-Party have their way, abandoning dignity, integrity, and balance.
So, this is our message to Washington. We, not T-Party crazies and we, not the far left, we the people in the middle, expect better. You people that we have elected must start "building" and prove to us that you can do something positive for our nation.
This is our expectation and our demand. Lead. Do. And be strong enough to fight off the radicals. We are not a radical people, and we expect you to be good enough to lead us to greater things. That is what we expect of you.