Tag Archives: economic crisis

NEW STUDY CONFIRMS ECONOMY WAS DESTROYED BY DEMOCRAT POLICIES


A new study released this week from the widely respected National Bureau of Economic Research has confirmed beyond question that the left’s race-baiting attacks on the housing market (the Community Reinvestment Act – enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let’s review:

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-John McCain also co-sponsored urgently critical reforms that would have prevented the housing market collapse, but Democrats shut that down as well, along party lines, and even openly ridiculed anyone who suggested reforms were necessary…to protect their taxpayer-funded campaign contributions as the economy raced uncontrollably toward the cliff.

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn’t go along with the left’s Affirmative Action lending policies…all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.

-Obama himself is even on the record personally helping sue one lender (Citibank) into lowering its lending standards to include people from extremely poor and unstable areas, which even one of the left’s favorite blatantly partisan “fact-checkers,” Snopes, admits (while pretending to ‘set the record straight’).

-Even The New York Times admitted that there is “little evidence” of any connection between the “Republican” deregulation measures Obama blames, like the Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse of the housing market.

READ THE ORIGINAL ARTICLE:

White House Attempt To Give Millions To Egypt Meets Resistance

On Friday, Congress was notified by the Obama administration that it would be sending $450 million to Egypt.  This $450 million is part of a $1 billion package that Obama had pledged to Egypt in 2011 for debt forgiveness to the United States.

The administration however has met resistance.

The direction of Egypt’s course under the Muslim Brotherhood, its policies, local protests against the American Embassy located in Cairo and how the Obama administration has handled crisis in Islamic regions has left some wondering why the US continues to send aid.

Kay Granger, a Texan Republican who is chairwoman of the House appropriations subcommittee that is responsible for managing foreign aid, said that she would block this aid distribution.

The US relationship with Egypt “has never been under more scrutiny” than it is now.  Granger goes on to say, “I am not convinced of the urgent need for this assistance and I cannot support it at this time”.

However, Hillary Clinton speaking in New York on Friday, indicated that the world should do more in supporting the regions that have experienced the ‘Arab Spring’ uprisings.

This debate comes at a time when Egypt is in an economic crisis.  They are currently facing a $12 billion deficit in their budget.

Source

UN General Assembly Opens in New York

The UN General Assembly opened today in New York. The annual gathering of world leaders will see 116 heads of state and government leaders meeting in New York. This year discussions will be dominated by the civil war raging in Syria as well as the heightened tensions between Israel and Iran. Also on the agenda is the continued economic crisis in Europe.

On Tuesday President Obama will address the assembly as well as the Spanish Prime Minister Mariano Rajoy, and French President Francois Hollande. Wednesday will see the controversial Iranian President Mahmoud Ahmadinejad, in past years his speeches have seen mass walk outs of delegates, appalled by his hate-filled rhetoric. On Thursday Israeli Prime Minister Benjamin Netanyahu and Palestinian President Mahmoud Abbas will both be speaking. Last year the issue of Palestinian statehood was on the agenda, however it is believed this year the matter will be sidelined.

The gathering ends on Monday October 1st. The week will allow meetings of different delegates to discuss in detail the Middle East issues as well as the economic problems facing the world.

IT’S MAKE UP OR BREAK UP FOR THE EUROZONE

IT’S MAKE UP OR BREAK UP FOR THE EUROZONE

The biggest threat to growth in America is the economic situation in Europe.

World leaders are growing frustrated at the Eurozone’s failure to find a workable solution.

The United Kingdom is highly exposed to the trouble in Europe.

With the UK back into recession and figures showing that government spending is propping up the UK economy it is essential the economic storm does not cross the Channel to Britain. As David Cameron the British Prime Minister has said it is time “[the eurozone] make up or break up”.

However as Prophet TV has been reporting for years the financial markets are faith based systems.

Even now if confidence can be restored and correct decisions taken disaster could still be averted.

 

The Break Down of Greek Society

What happens to a society when the economy collapses? How does this affect the day to day lives of the people within that society? What happens when the government does not have the money to keep everything working as it once did?

We can see this process happening in Greece, as the nation is effectively bankrupt, and the government is fast running out of options. Greece’s financial woes are largely of her own making. A society based on socialism, with a large proportion of the population employed in public sector jobs, a generous public retirement fund, and national tax avoidance. For years the country has lived far beyond her means. This addiction to debt has been compounded by Greece abandoning her currency, the Drachma, to join the single European currency, the Euro. Being part of the Euro has seriously hampered Greece’s ability to take the necessary action to avoid the economic catastrophe the nation now faces.

Greek’s have a reputation for being loud and gregarious, however, behind this exterior is a generous and civil society built on a strongly matriarchal family unit. The Greek grandmother is a poignant symbol of the nation: the old widow lady dressed in black, with immacualte hair, is a figure which commands the deepest respect from every sector in society. However, a British journalist living and working in Greece observed such a lady begging on the streets of Athens – this was a scene utterly unthinkable a short time ago.

Greek’s are also very civilised and generous, however these attributes are becoming harder to see. Hostility is growing in Greece towards a large immigrant population, with a real fear that the Neo-Nazi movement could make serious political in-roads. Crime is also increasing drastically. In the past Athens was quite a safe city where you hardly heard of muggings, but now muggings are common place. Areas of Athens are becoming no-go areas as crime and drug abuse increase.

Despite the crime and drug abuse on the streets of Athens, behind closed doors the majority of Greek families are simply trying to survive. Many have seen their salaries drop by 25%, whilst taxes increase and basic food prices soar; simply putting food on the table is becoming very hard. There are more tax rises and job cuts to come and as the recession deepens, the coming year is likely to bring further hardship to the people.

Greece has a troubled recent past, after the second world war Greek’s faced tremendous hardship, with people starving to death. Out of this, civil war ripped the nation apart resulting in a brutal military dictatorship until 1974. People again fear a return to the bad days of Greece, as Communist groups call for revolution. Many can see this as a distinct possibility as more and more people become increasingly desperate.

The way the economic crisis is dealt with in the coming months will determine  the outcome for Greece, as well as the rest of Europe. America is not immune from these economic woes. The entire western world has lived on borrowed money for years, we have all grown used to a lifestyle funded on debt, and not on hard earned cash. Many in Greece see the removal of their lifestyle as a loss to their rights, and the rest of Europe and America will be no different. If the rule of law and the political system collapses in Greece, anarchy will ensue and hardship become much worse.

However, we do not need this to happen. God raises up Prophets to take his mantle into regions to protect them from destruction. Poverty, hunger, or anarchy are not what God would have for us, but He needs His mantle to be in these key regions, so they can be steered away from trouble and faith and wisdom be restored. Support Prophet TV so the mantle on this ministry can return to Europe. If the economic system collapses, what we see in Greece today will be America tomorrow.

 

 

 

IMF, World Bank and EU deal for Europe’s Debt Crisis

This last week delegates from the International Monetary Fund (IMF), World Bank and the Eurozone have been meeting in Washington DC to try to find a way through the current economic crisis in Europe, which is the biggest immediate threat to the world’s economy.  Failure to find a workable solution will plunge the western world into another deeper recession, if not something much worse.

So far, attempts to solve the problems have done little but delay any real action being taken, and the apparent lack of understanding and leadership amongst Europe’s politicians has sparked fears of global recession throughout the markets.

The latest real suggestion would provide a €2 trillion bailout fund. The hope being, this would provide a sufficient fire-wall around Greece, Portugal and Ireland; as well provide sufficient funds to bail out Spain or Italy if they should require assistance. Furthermore the deal would provide massive re-capitalization of the European banking system. And finally a managed 50% default, or haircut for Greek debt, but still allowing Greece to remain in the Euro.

However, where €2 trillion will be found is unclear. Germany are already skeptical of pumping any more money into bad debt, as well as losing yet more fiscal powers to Brussels. Action is needed fast. The plan has been welcomed by many as a step in the right direction, however it is likely to still be an economically painful road.

The world is now looking to the next G20 meeting in Cannes, France in November, as key in forging a way through this crisis. It is imperative that the spirit under which these complicated and painful decisions will be made, is the right spirit. Support Prophet TV so we can run intercessory prayer trips into Europe at this key time for the world economy.