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The Journal of Tony Whitaker

08/12/2011 08:32 a.m.

I just heard on CNBC that the Presidents of Germany and France, Merkel and Sarkozy, are meeting next Tuesday. This is a very important “first step” to the resolution with the economies of Europe. This is showing leadership when there is a crisis on the edge.

Before I go on, I want to be clear the US is a part, of the problem with the EU. The European National banks with their investments in the US banks are exacerbating their problem with their bank solvency issue. I was hearing some disinformation on Fox News, and another reason I rarely watch it as it is not always fair and balanced, which cast a perception the European solvency crisis is all European. It is not. It doesn’t take much thought making that cerebral jump, similar issues are seen in China, India, Brazil, and the list goes on.

The reality is the EU is beginning to enter their own “sup-prime” crisis which America has experienced beginning late 2007. Their economies are intertwined with the US, China and many emerging markets. They are looking at a potential meltdown which may require their own quantitative easing, and the big reason Germany and France are meeting next week. They are showing leadership. That is one reason, I believe, the markets are up this morning.

Which brings me back to the commentary subject: “Where are our leaders?” Our country is facing a crisis of historical proportions. Our country’s leadership wasted weeks of time and taxpayer’s money to come to a resolution which pathetically pitches our economy into the next election cycle. Politics is killing America and career politicians are its killers.

Our credit rating has been downgraded, the percentage drop in the markets are approaching those of the Great Depression, the ECB will be forced to bail out the national banks of France, Italy, and more to come. The riots of frustration in the UK could easily spread here with the use of Social Networks, as is being acted out in the US daily in these “flash mob” attacks which have injured, some seriously, in the past couple of weeks. Then there are the emerging markets being squeezed on lack of consumer buying and their export demands.

We need our leadership in the Federal Government to be on the job at this time of crisis. How many times have you, as you read this, have postponed or delayed vacation because of YOUR job. That’s what American’s do. We don’t tell our boss we can’t work if it is so important that my absence can create issues with other employees, from profit & loss to litigation issues of the company.

Where are our leaders? Well, they are on vacation. The ink on the pathetic deficit reduction bill was not dry when the House disappeared to the beaches and bordellos of the world. Obama is making weak speeches on the state of the economy as he tactfully weaves in his rhetoric for reelection in 2012. The Senate has shown no leadership through the entire budget crisis AND is on vacation.

"We have a government that is not as good as its people!!"

I am currently Disillusioned
I am listening to Sounds of Silence

Member Comments on this Entry
Posted by Alison McKenzie on 08/12/11 at 04:05 PM

I appreciate your post, Tony. When it comes to politics, I am one of the least-educated people I know on the subject. My brain just doesn't seem to grasp the political edge of life in the US, so it's helpful when it's broken down into more manageable pieces. When it comes to the riots, it seems like the rioters are misbehaved 2 yr olds responding to the government's parental lack of direction, only on a much more serious scale.

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