The biggest concern of the Congress and the Bush Administration during the current financial crisis is to save the investments of the Chinese, the Japanese, the Saudis and other foreigners. Undersecretary of the Treasury, David McCormich actually called foreign investors to assure them that bonds issued to them by Fannie Mae and Freddie Mac would be honored before the government took over those mortgage companies. When the government took over the two firms, the American stock holders including those with preferred shares lost all their money. Meanwhile the Japanese, Chinese and Saudis got every dime they had invested in those institutions guaranteed for repayment. That has been repeated in virtually every government takeover this year, including that of Washington Mutual.
Why? The trade imbalance is so great because of imports from
This problem would not exist if the Democrats had allowed drilling for oil and expanded coal mining here at home. In
The Democrat controlled Congress voted to allow offshore drilling for oil a short time ago as the anger of the American people rose with the cost of energy. Unfortunately the bill is just a farce based on lies. Radical Nancy Pelosi, who controls the House, presented a 243 page bill to congressmen just a few hours before scheduling a vote. It allowed drilling for oil from 50 to 100 miles offshore. No oil company will buy a lease or drill there, because 90% of the oil is within 50 miles of the shore.
It gets worse: American individuals and companies have $13.5 trillion invested overseas because of the high tax rates on business here in the
Senator Barack Obama has an answer to all of this. Unfortunately it is the same as the answer
Our debt, created by liberals, now drives our foreign policy.
Author: William J Murray, Chairman of GING-PAC