Calamity in America Read Online Free

could do.  I had some money saved up but it was not nearly enough to pay the hospital bill.  Betty had stayed in the hospital for seventeen days and even after Medicare paid what they did the remaining bill was enormous.  Of course many people had outstanding hospital bills now.  Actually many people had a long list of outstanding bills that were not being paid.
    Of course even the TV news could no longer pretend everything was awesome.  They aired many interviews with this person or that person that would put the blame on someone or other for this economic downturn.  Many blamed this current President and some blamed the previous President and some even blamed other countries for our current plight. 
    Then I happened to catch an interview with someone who seemed to make more sense.  When asked who to blame he said Congress but previous ones not really the current Congress though he made it seem that all were the same.
    He said the trouble started near the end of Clinton’s second term as President when Congress repealed the Glass-Steagall Act of 1933.  In those over sixty years that law had protected banks from hurting themselves and there had been no major bank closings or severe economic troubles.  But just eight or nine years after it was repealed all the big banks needed a bailout because they were in very serious trouble and our whole economy was in chaos.
    At that time Congress decided to make things worse by putting on a bandaid to prevent a depression.  So they bailed out the banks and spent an additional trillion dollars to dump into America’s economy.  They should have instead re-instated the Glass-Steagall Act but they didn’t.  They should have let the banks that were stupid fail but they did not.  They should have let things run their normal course but they didn’t. 
    When all they did had little effect the great Federal Reserve Bank stepped in and lowered interest rates to zero as a temporary measure to boost the economy.  But it had no effect other than hurt those Americans that had money saved in the banks.  Now they received no or very, very little interest.  The Fed left this emergency temporary zero interest rate that way for many years because the economy was so shaky they said they couldn’t raise those rates.
    Next the Federal Reserve started printing money and dumping it into the economy to the tune of at least three trillion dollars to boost the economy.  This had very little if any real effect other than boost the stock market.  At this point the Fed was out of options.  They had done everything they could and had nothing left to try.
    The trouble was everyone was trying to prop up America’s economy when they needed to just leave it alone and let things work themselves out naturally.  Yes things would have likely got a little worse for a couple years but then it would have started a real recovery instead of the fake induced one that politicians and the media had been harping about for the last few years.
    When Congress repealed the Glass-Steagall Act it only took seven or eight years to bankrupt the banks.  We then bailed them out but did nothing to stop it from happening again.  Now it has been another eight years and the banks are again bankrupt and we as a country do not have the money to bail them out again or the inclination to do so. 
    Because of all the meddling done by our government to our economy now we will have to pay the piper.  And it will get very bad here.  Likely it will get way worse than it was during the Great Depression of the nineteen thirty’s.  All the government’s meddling did was give us a few years of flat line growth and add trillions upon trillions of dollars to our debt.  Our government, by kicking the can down the road for a few years, will now bring America down to a third world country for at least several years.  Times will be so bad that in five years America will be unrecognizable.
    Well that synopsis was sure not putting a