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July 19th, 2008 9:35 AM

Dear Friends,

This was the week Americans revisited the ghost of the economic past.

All of us are aware that our economy continues to spiral downward with no end in sight. Murmurs of 'depression' are being discussed by economists and others as our current situation resemble circumstances which led to the 1929 Crash.

I had some friends call me the other day and wanted to know if the 'run on the bank' was similar to the scenes in the 1946 film classic, "It's A Wonderful Life". I said 'yes indeed'! I gently and wittingly reminded them the scenes displayed on television was not a motion picture. I neglected to mention however, that in my imagination, there is a man by the name of Mr. Potter and he exists in real life. The sad truth of this entire encounter, is we need more George Bailey's in America so angels like Clarence can earn their wings!

Unfortunately in real life, the script differs. The drama continued for a few days this week in Southern California where local TV networks interviewed and showed the long lines of depositors waiting patiently to withdraw funds from their accounts at INDYMAC branches throughout the area. There were several skirmishes of course, but the imagery was all too powerful to contain.

In attempts to reenforce confidence and trust in our financial institutions, the President and the Treasury Secretary did their best to provide words of optimism. One of the main highlights revolves around the solvency of the major mortgage concerns of FannieMae & FreddieMac. These institutions will be protected by the Federal Government in the event of any signs of collapse.

While the Stock Market was bullish and oil declined in price to $129 a barrel on Thursday, one day of good news does not solve the avalanche of pending and deep rooted instability inherent in our economy. Being optimistic about events on one day and pessimistic about things on another, can result in one acquiring a detrimental view of our whole financial system. The schizophrenic activity of the financial markets has made Americans deeply anxious about their futures. 

Purveying an optimistic outlook and providing plans to solve upcoming problems, is the current gameplan voiced by government lawmakers to assuage our fears about the future. However, the American people are disheartened by daily reminders in their lives.

Daily reminders of either paying the mortgage bill or buying groceries - of either paying the utility bills or the phone bill - of paying the health insurance bill or saving the money to fill up the gas tank, these daily exercises in decision making are truly disconcerting.

The options on which bill to pay in order to survive is truly objectionable. You either can lose your home, go hungry, decide to keep the lights on in the house, have your phone disconnected, lose your health insurance or even your health and even lose your job if you can't afford the gas to get to work! Americans should not be in this situation. Unfortunately, past decisions and errors in judgement made collectively by the American electorate has come full circle.

As a nation, we must end our dependence on other countries assets in order to pay our bills. The US is gradually losing its capability to control its own destiny due to the billions of dollars owed to other countries. America is being manipulated by these nations in all spheres of our economy.

There's no need to name the countries that are relishing America's demise. The worthless dollar, the high price for a barrel of oil, the firesale of our companies and corporations to the highest foreign bidder & the sale of our infrastructure to other countries for pennies on the dollar - these are the activities which are most troublesome and are against basic American democratic interests. Greed and insolence are becoming the hallmarks of business in this new environment.

There are solutions for these problems. In upcoming TEAMBLOGS there will be logical and heartfelt discussions surrounding the challenges Americans must face to end the destruction of our heritage and our society.

While the sky might be falling on us today, there will be a time when the heavens will open up for all to see. We need to be patient and confident this day will soon come to pass.


Please check our last TEAMBLOG for details on our SUMMER APPECIATION MORTGAGE SALE until August 7th.

We mourn the passing of 2 great Americans. Tony Snow - the former White House Press Secretary and moderator of Fox News Sunday. Many of his good friends and colleagues remember him to be an honest and compassionate man of character. Many photos showed his infectious smile! He faced cancer with courage and lost the battle at only 53 years of age. A man of faith, our thoughts and prayers are with his family and friends.

Dr. Michael Debakey, the noted heart surgeon, left us at the age of 99. He was truly a gifted man as he devised operations and surgical instruments to prolong the functioning of the heart. He will be most remembered for his work on the aorta and developing the practice of open heart surgery. He was known to have tremendous energy, devotion to his clients and possessed a reputation for perfection in surgical matters. He would be in surgery for hours on end and displayed pinpoint accuracy in his abilities. He performed over 60,000 surgeries in his lifetime! World leaders and celebrities would seek his help. His concepts have saved many. He will truly be missed. Our thoughts and prayers are with his family and friends. 

Thanks Again


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Posted by Jesse Dorado on July 19th, 2008 9:35 AMPost a Comment

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