Europeans Ridicule America's Money Meltdown

This was the Drudge headline recently. I find it so interesting that the Europeans consistently underestimate the good ol' U.S. of A.

One of the basic tenants of capitalism is creative destruction. We are going through one of those periods now. You are witnessing no less than a complete revision of American capitalism - in conjunction with the spread of globalization. Firms have to have the capital and risk profile to compete in the world economy.

THIS IS A GOOD THING!

You will see the United States come out of this stronger and more capable to compete on the global stage.

As they have said in history - "The demise of the United States is greatly exaggerated."

I predict that in several years you will once again hear the Europeans complain about the hypersuccessful Americans.

Wallstreet to Mainstreet

Having an inside view of Wallstreet, I can definitely say that there are shady dealings happening on a regular basis. The goal on the street is to SELL whatever it is to whomever will buy. Therefore it should be easy to blame the culture of Wallstreet for the current credit crisis.

But not so fast - there is plenty of blame to go around. For years, the left pushed offering mortgages to people that were not qualified. There was no thought as to the consequences to giving a "subprime" mortgage to someone who could not afford it. For almost a decade, Republicans in Congress have been pushing to reform FNM and FRE; to reign in their power and balance sheet. They were thwarted by the Democrats in Congress. John Mccain several years ago pushed reform only to be denied.

It is interested to say the least to see now the "Chris Dodd's" of the world pontificate how outraged they are at the investment banks and CEOs of Wallstreet.

I am continually amazed at the untruths pushed by these people. Why can't they take responsibility for their actions? The rest of us have to.

All of us are going to suffer for the excesses of the last decade. I just hope that Congress gets out of their hearing rooms and into the mode of passing the legislation that needs to be passed.

The History of W

I remeber back in college the left railing against "Ronald Raygun" because he wanted to put nuclear missiles in Europe to counter the Soviet Union (or the Evil Empire as he called it).

They said he was stupid, out of touch, a cowboy, a right wing kook. Sound familiar?

There has not been another terrorist attack on the United States because of one reason and one reason only. George Bush has gone on the offensive and protected our country - and stuck to his principals.

THE LEFT CAN'T STAND THAT!

History will speak highly of the democritization of the Middle East - the protection of the homeland - and the aggressive prosecution of a just war.

Even Barack Obama now speaks fondly about Ronald Reagan. I think historians will speak the same way about George W. Bush.