Tuesday, September 30, 2008
The Demise of America, From Superpower to Powerless Economy
Since the turn of the 19th century, immigrants from different parts of the world had turn to America as one of the greatest and wealthiest nation on Earth. Poverty stricken from third world and developing countries, the United States presented itself as a land where dreams come true and that one can prosper by working hard.
From the industrial to the technological ages, immigrants risk so much of what they have left just to come to America. From attracting the best of the best skilled labor, professionals, artist and entrepreneurs, it has been said that America brings so much hope that life will go on.
Enter the summer of 2007, it all started from a housing crisis where foreclosures were climbing in outnumbered quantities. This was followed by a weak US dollar where investors confidence seem to question what happens to the $1M US dollars spent of the Iraq war since 9/11. At first, the US government simply stated that this was a correction that happens once in three-five years so that economic prosperity can be achieved.
In Wall Street, stocks were starting to decline but financial institutions kept on saying that this was just a normal course of the American Economy. The media centered on the upcoming Presidential elections focusing on the presidential candidates for the democratic and republican parties. Right in the middle was Pres. George W. Bush had the worst approval rating of any sitting US President since the Watergate scandal of Richard Nixon.
The focus was more on the Paparazzi chasing Britney Spears, the American Idol and the newly installed majority ruling of the a democratic controlled US House of Representative. Some economists and online bloggers were already apprehensive of an impending American depression and recession but politics came in first that this was not so.
As the events start to unfold, consumer spending became frail, gasoline prices started climbing, the foreclosures started to rising with unemployment showing signs of an impending crisis.
Small business owners always are the first to feel the challenges but big companies seem to create more advertising that the economy is sound and everything is normal. All of a second, credit card interest and finance charges are climbing while being frenzied that the inflation has something to do with what the political climate is going through.
The presidential primaries came; one by one the fore-runners of both political parties start to unfold. By June 2008, Hillary Clinton suspended her presidential campaign and conceded to Sen. Barack Obama. Meantime, the gloomy economic picture has gradually shifted from bad to worst and the White House still would not admit that America is in recession. Only until Sept. 2008 when a Federal bail out had to be presented in the US House of Congress for $710 B to alleviate the crisis did Pres. Bush admitted that there was a problem.
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