Panic began to ensue this weekend after Standard & Poor downgraded the U.S. debt rating.
Although the panic should have started the day President Obama moved into the White House. But not for the reasons you may think.
You see, it became perfectly clear that as Barack Obama was going to clinch the presidency, a gaggle of republicans would make their top priority to keep Obama from becoming a two-term president. Hell, Senator Mitch McConnell has made no secret about it either, suggesting his primary goal was to make sure Obama didn't return to 1600 Pennsylvania Avenue.
Don't get me wrong. I could give you a laundry list of how Obama screwed the pooch on a number of occasions. The fact that he didn't attack the energy crisis in the first year of his presidency showed me that maybe he really didn't believe what he said about America's economic future being inextricably linked to innovation and clean energy. If he truly believed it, he would've forced the end to $4 billion worth of annual subsidies to the oil and gas industry while the Democrats still controlled the House and Senate.
That's just one example, and I won't bore you with the others.
But here's the thing. . .
It's taken decades for the U.S. to get in the financial mess it's in today. But over the past couple of years, the proverbial poop storm has really started to rain down.
And in response to what really is a financial time bomb with only seconds remaining, our elected officials have chosen this opportunity, not to do the right thing, but to try to blame the other guy in an attempt to secure votes for the next election.
That whole debt deal we saw a couple of weeks ago was a joke. It solved nothing and proved to the world that we have no intention of making the tough decisions that can keep the global economy from veering off a cliff.
So the fact that we just got downgraded should not come as a shock to anyone paying attention. And no matter how you slice it, it's going to get increasingly worse because we have no leadership in the White House and an out-of-control GOP that refuses to stop bending over to right wing extremists who don't understand the difference between a free market and anarchy.
I think columnist Paul Farrell hit the nail on the head when he wrote. . .
“... our politicians really are out of control, utterly unable to manage the economy. They’re irrational, and worse, clueless and myopic in economics. No surprise the market crashed 513 points one day last week.
Nor that pundits are pointing to high tech multiples, warning of a new dot-com crash and double-dip recession. Warning of a collapse in commodities, in emerging markets and endless debt problems for Europe.
Warning, in short, that we’re headed into a perfect storm rivaling the disastrous political insanity of the 1930s that prolonged the depression, driving the economy into far reaching global problems that added fuel to an irrational zeitgeist and world war. And more”
Here at Green Chip Stocks, we focus primarily on opportunities in alternative energy. But we also discuss business ethics and responsible capitalism.
Ignoring decades worth of debt in an effort to placate voters and deep-pocketed special interests is both unethical and irresponsible. And I don't care if you're an ultra-liberal democrat or right-wing ideologue that worships at the alter of Ron Paul – both sides of the aisle must stop peddling the illusion that this is a problem that can be fixed by their favorite politician.
They're all on the take, and not a single one of them has any interest in anything that doesn't guarantee 4 more years. If that wasn't the case, we wouldn't be sitting here right now, watching our once-great nation be sold off to the highest bidder.
Hold on to your asses, my friends. This is going to be a rough ride.
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