Is it just me, or is this whole Economic Crisis playing out like a bad Indiana Jones movie?

On one hand, you have Wall Street’s collapse last month, with the Bush administration quickly pointing out that the government needs to bail out all these giant investment banking institutions that are collapsing one-after-another like a stack of dominos!

Legislation was quickly passed by Congress, after Bush, Paulson and Bernanke suddenly urging everyone that this bailout is needed to save our Economy from total collapse! Without much hesitation and oversight, we the people quickly (and blindly) agreed to the biggest bailout in our nation’s history, not even sure if this will actually work, and to the tune of 700 billion dollars, maybe more.

On the other hand, you have the War in Iraq, continuing with no real resolution in sight, which has gone on for more than 5 years to the tune of 10 billion dollars a month, and has almost reached the 1 trillion dollar mark!

With the war going on, someone out there is making millions upon millions of dollars manufacturing weapons, supplies and what-not for our military in the Middle East. And, investment firms on Wall Street are getting billions upon billions of dollars from the Federal Government…

Could it be, as far-fetched as it seems, that the current administration (in cahoots with the fat cats on Wall Street), in it’s final months of existence, is in the systematic process of pillaging America’s wealth before finishing up an 8 year stint that has done nothing but leave in its legacy Economic Turmoil and a War without end? And, not to mention a “lame duck president” that has had the worst approval rating in American history?

Maybe I’m letting my imagination run wild here, but doesn’t it seem like someone out there is raping and pillaging the American people and leaving the next administration (not to mention the American people) with a big, gianormous burden on our hands? And a bleak future for our children?

I don’t know people, but this whole scenario stinks to high heaven…

I sympathize with Onigiriman when he laments about the current financial crisis. It’s really starting to personally takes its toll on me too. As a middle-aged dude who’s got savings, some stocks, a retirement plan and some life insurance, not to mention a mortgage payment… the thought of financial doom is definitely weighing down on my family and I.

Onigiriman laments:

I wake up today and find out that Wachovia has melted down. I don’t want to get too graphic, but I swear, I thought I’d find bricks in my underpants. WTF is going on? I mean, I have a CD in Wachovia, not a big one, mind you. I am a man of modest means, but geez, do the freakin’ fat cats exemplified by those on Wall Street and in the current administration have to take this away from me, too?

Supposedly, this whole mess was started by then President Clinton, signing a piece of legislature just before the end of his 2nd term, that made it easier for low-income folks to buy a home. But, the big problem is that in the era of the two Bush terms of this decade, people ran with it… really got into some heavy debt with housing and credit cards. The housing market took a dive for the worse and people’s homes, instead of appreciating were losing their value… in many cases, to the point where the money they owed for the house was more than the house itself!

Anyway, we then witnessed the stock market take the big plunge and investment banks started tanking. I have my life insurance with AIG and they tanked!

With gasoline prices rising dramatically earlier in the year, everything from food, clothing, to basic necessities also increased. And what we have is a pretty bad economic situation for most of us.

What surprises me is that other than Onigiriman and myself, I don’t hear from other bloggers about their personal plights. This leads me to believe that they are either indifferent to the situation, are doing extremely well financially that it doesn’t really affect them, or they are worried about it but they probably don’t want to think or write about it.

I’m already living as frugally as I can. I try not to go out unless I absolutely have to. I don’t dine out much, and I’m literally watching my pennies and nickels and dimes.

This economic crisis is rough folks. I see at least 3-4 houses right now around my neighborhood that are “bank owned” and up for sale!

Well, this is a 1st Draft, but here goes:

Here is my plan to bailout the taxpayer during this economic crisis. It is mainly designed to protect the hardworking middle and working classes. Read more

[ This entry is my contribution to the Rice Bowl Journals Collaboration Project for September ]

As I look at my little coin collection of pennies, nickels and dimes, I’m thinking…

So, our own government is planning to bail out those big investment banking firms to the tune of $700 billion dollars, maybe more. Read more

Barack Obama tells it like it is, that we are in the worst financial crisis in generations. But can he single-handedly turn our economy around? Surely, what has happened and what surely is bound to happen, and the uncertainty that this financial crisis creates, is certain to put pressure on both McCain and Obama to convince us that they have some kind of plan for the future.

No doubt, with the economic crisis affecting everyone in the U.S. and on a global scale, the two presidential candidates had better step up with a plan to help us get out of this mess.

At this point, I’m still up in the air as to who I’m going to vote for. I’m a registered Democrat, but I’ve voted Republican in the past. To me it doesn’t really matter as to the party, but who I feel will do the best job as President of the United States.

So, in light of the economic woes that have caused much concern since “Black Monday”, I’ve tried to pick up on what both McCain and Obama have had to say about all this:

Michael Cooper of the New York Times had this to say about McCain…

VIENNA, Ohio — On Monday morning, as the financial system absorbed one of its biggest shocks in generations, Senator John McCain said, as he had many times before, that he believed the fundamentals of the economy were “strong.”

Hours later he backpedaled, explaining that he had meant that American workers, whom he described as the backbone of the economy, were productive and resilient. By Tuesday he was calling the economic situation “a total crisis” and denouncing “greed” on Wall Street and in Washington.

The sharp turnabout in tone and substance reflected a recognition not only that Mr. McCain had struck a discordant note at a sensitive moment but also that he had done so with regard to the very issue on which he can least afford to stumble.

With economic conditions worsening over the course of this year and voter anxiety on the rise, Mr. McCain has had to labor to get past the impression — fostered by his own admissions as recently as last year that the subject is not his strongest suit — that he lacks the experience and understanding to address the nation’s economic woes.