Many web pundits have made the claim that George W. Bush is clueless. A good illustration of the contention resides across the Pacific Ocean in Japan, where 49.5 percent of Japanese voters believe that Prime Minister Shinzo Abe should resign in light of a heavy defeat. The Bush administration opposes the will of the Japanese voters (as it does that of the American voters) over "concerns" that the electoral trouncing of Abe's Liberal Democratic Party would derail efforts aimed at securing the extension of "emergency anti-terrorist legislation" deemed vital to Bush – er, American security concerns.
But what was it that the Japanese voter did want in their rejection of Abe? Most Japanese voters held stronger views concerning domestic economic issues than did Abe, who was much more interested in scrapping Japan's "quaint" Constitution and negating it's legal inhibitions prohibiting the waging of aggressive war.
So how does this tie in to Owwer Leedur? Patience!
Bloomberg columnist William Pesek holds that of all those who lost in Sunday's electoral upheaval of the traditional Japanese ruling clique, the big losers were the investors.
Meanwhile, on Wall Street, the big losers were… the investors. In following the disastrous economic policies of the Bush regime, Wall Streeters suffered through "the worst month for US equities in three years, according to MSNBC. California real estate leads the nation in foreclosures and is dragging down the entire national real estate scene with it. Institutional investors have become so bearish that they have effectively collapsed American Home Mortgage Investment Corp. with unredeemable margin calls after the value of American's loan and security portfolios were severely debased due to their large numbers of un- and under-performing mortgage loans. Countrywide Financial Corp. and Novastar Financial Inc. also lead the plunge, with Impac Mortgage Holdings not far behind.
For those who are history-challenged, margin calls by skittish investors brought on Black Friday – the Crash of 1929 – resulting in the Great Depression. The entire home loan industry is now facing that elephant, aggravated by the serious decline in the numbers of good paying construction jobs lost through other employers worshiping at the the neo-confidence altar of globalization, leaving their former employees behind as the American Dream for them fades into oblivion. Our government isn't helping things any.
The problems of the home mortgage lenders isn't restricted to the unsold-home-land borders. IKB Deutsche Industriebank, a bank based in Düsseldorf, Germany, are reassigning their investments in American mortgage securities to another German bank. Worse, Australia – which has 1000 Army troops supported by 600 Air force and Navy personnel in Iraq and another 1000 in Afghanistan – has a restive public which wants their government to heed their wishes to bring their troops home, a movement which could gain more participation as the news that the American economic collapse is affecting their own currency.
This loss of confidence in George W. Bush and his nattering nabobs of neo-confidence doesn't restrict itself to the financial realm, but that is a topic for another post.
Suffice it for now to state that George's ill-considered boast – "you are with us or against us" – will not be realized in the intended 1942 manner. The vintage to be realized comes from the Grapes of Wrath sown years before when the Republican Party abandoned the American people in their mad quest for world dominance.