The United States government did not want to panic the American people during the last year or so of the economic recession as the housing market collapsed creating a lasting domino effect in the economy. Lenders were handing out loans like there was no tomorrow as speculation overcame rationale in prosperous economic times. The speculators were making fast bucks across the board, and people were flipping houses like an addictive past time sport. Soon enough there were a million house flipping shows and infomercials on television, because in these golden times anyone could make a quick buck. Americans were becoming over indulgent investors with minimal capital and barely any savings. We became speculators in a bubble big enough to burst the seams of any powerful capitalistic market. The extraordinary spending in Iraq and Afghanistan continued to jet the United States in debt while China provided the blank checks to do so, but we forgot that we had to pay them back. Credit was being borrowed by using real estate equity to buy expensive gas guzzling SUV showpieces as gasoline was climbing to the highest ever in history. We got ourselves into this mess and cleaning it all up now may be impossible. President Bush called the economic situation a mere “bump in the road” late last year.

On CNN special investigation unit directly after the housing market collapse and foreclosure galore, an economic analysts said something that stayed with me. He said that a recession is when your neighbor loses his or her house, and a depression is merely when you lose your own home. I believe that we are getting frighteningly near the biggest economic disaster in recent history. If the Feds didn’t step in to save the huge financial institutions last week when the DOW plunged more than it did after Sept 11, we could have had a premature depression on our hands. The Republicans who once openly denounced economic regulation are now the ones stammering to instill socialist intervention in the economy, because the election is around the corner and the GOP cannot be deemed responsible for such drought and economic despair. The middle class will suffer tremendously as this crisis gains more momentum, because the temporary band aids that have been applied by the Feds for the past year can only hold the dam for so long.

A climbing unemployment rate, higher gas prices, and more regulation may just cripple the economy and force it to its knees in the coming years. I am a student in medical school depending on my parent’s for support. I cannot even imagine the scale of devastation that a world wide depression in this century could do in the midst of an unstable war. Iran seeks nuclear weapons while North Korea and Russia already have nuclear capabilities, and all these countries have one denominator in common; they don’t like America a whole lot. The world as we knew it may have just left the golden age of prosperity as it treads into the volatile and murky waters of global politics, depression, and potential war. In the midst of a political election we cannot trust the sincerity of the government for we learned that lesson leading up to the false war in Iraq, and disingenuous remarks about a mere “bump” in the economy.

I hope this whole mess gets patched up, but I fear the worst. The grim situation in the global economy has not gotten better with the Feds constantly intervening. Times are dire and we are in need more than ever for good leadership. My compass may just be pointing toward an open-minded yet inexperienced Obama for president, even if it means higher taxes. Nation before wallet in times like these may just prove to save even the richest and greedest amongst us, while helping those less fortunate.

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