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The very first video I ever uploaded to YouTube more than two years ago was about how the National Debt was exploding under George Bush:

When the National Debt Clock was built in 1989, it was just after Ronald Reagan left office and having nearly doubled 204 years of National Debt in just eight short years to $2.7Trillion dollars. And he did it through MASSIVE military spending. I watched a PBS documentary over the weekend about Ronald Reagan. In one of the opening scenes, his former National Security Adviser Richard Allen said Reagan’s plan to defeat Communism was to (quote) “spend them into oblivion“. The already nearly bankrupt Soviet Union with no established industries and limited technological resources just couldn’t keep up with all the missiles, tanks, aircraft and ships Reagan ordered to be built while in office. The nail in the coffin was his fantasy to build a “missile defense shield” in space the press dubbed “Star Wars”. The strategy worked, and the Soviet Union imploded under the weight of its debt.

Flash forward to 2008 (this is becoming a habit).

George W. Bush has mired the U.S. in two wars without a clue how to get out. And at the same time, he has stubbornly subscribed to the belief that you’ll increase Federal Revenues by cutting taxes… meaning less money coming in at the same time spending is exploding.

Monday, they finally had to add an extra digit to the National Debt Clock:

If you didn’t catch it in the video, the clock will be replaced with one that adds TWO extra digits… which would accommodate a more than ONE HUNDRED TRILLION DOLLARS. What’s the point? That’s nearly twice our Gross National Product! If our debt ever gets that high, there won’t BE a United States for the clock to monitor. We’ll be owned lock, stock & barrel by other countries.

And while all this is going on, the DOW has gone into free fall, now below… not just the Clinton high of 11,722, not just Clinton’s last day in office of 10,587, but below 10,000. Why? well, the Bushies would have you believe that a recent unexpected turn of events in the mortgage market is responsible. Unfortunately for them, there’s something called “video tape”. Back in February, I uploaded another video to YouTube entitled: “Bernanke: American economy in freefall (Feb 2008)“:

These past two weeks, the Bush White House’s “solution” to the crisis on Wall Street has been to throw money at it (Gee, isn’t that what Republicans always accuse Democrats of doing?) with a $700 Billion dollar bailout. By contrast, the historic “Savings & Loan” debacle of 1988-89 costs American taxpayers $157 Billion dollars, an unheard of amount for its time, to bailout people like Neil Bush, the son of then President Bush Sr. and brother of the current President Bush. (two President Bush’s. Two enormous bank bailouts. Coincidence?)

So how did the current administration come up with that $700 Billion dollar figure? “We just wanted a really big number“, they told the press, figuring that is what it would take to reassure the Markets. But instead, the unemployment figures for September were released showing the ninth straight month of job losses in a row, capped off with a loss of 159,000 jobs… the greatest one month decline in five years. And the markets responded by plunging over 800 points before ending up, down just under 370 points and closing below 10,000 for the first time in four years.

And Bush’s solution: more bureaucracy, creating the Office of Financial Stability, whose job it is to oversee how to spend all that money. And who did they pick to head up this new office? Neel Kashkar, a former colleague of current Treasury Secretary “Hank” Paulson back when they both ran Goldman Sachs… another Wall Street firm that could be the next to fall in this financial crisis.

Despite being a dry subject, I’ve been tracking the fiscal irresponsibility and miserable economic record of this administration for years, going back to August of 2006. In March of 2007, I reported: “Bush’s Disastrous Economy: Adjusted for inflation, market has now officially gone BACKWARDS!” That was nearly two years ago. Yet, the Republican’s would have you believe the current economic crisis was unforeseeable. Thank goodness for videotape & bloggers.

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