Ms Rodriguez’ Gold—Going,Ggoing,Gone!
Virginia Rodriguez is a mother of two and makes a living working as a hospital technician. Although Obama Administration maintains that there is virtually no inflation, and the economy is recovering, Ms Rodriguez’s grocery bill rises every month, and to make ends meet she pledged gold earrings, rings, a gold cross, and a chain gifted to her by her grandfather, to Provident Loan Society of New York, to secure a loan of nearly $1,000.
“Times are hard,” said Virginia Rodriguez, and if you are one of the average Americans who have lost job in recent time, you can sympathize with that. What is hard time for Ms Rodriguez, however, is a very good time for most US corporations and big businesses. It is exactly time like this that business magnets such as J.P. Morgan and Cornelius Vanderbilt had in mind when they created this business in 1893. Their business has really peaked, as the price of gold has skyrocketed. It is also a great time for the hedge fund managers and rich individual investors, who have used gold's climb to make record profit. Even the real estate tycoon Donald Trump has began to accept gold as a security at his new tower in Manhattan's Financial District.
Ron Lieberman, owner of Palisade Jewelers in Englewood, N.J said, since the time the U.S. government's long-term credit rating was downgraded by Standard & Poor's in early August, he has seen more people selling gold.
Just before President Obama proposed his $400M+ Job Creation Bill, I had written, “Too little, too late. For me, it is too puny to get my adrenals rushing.” Nevertheless, it is becoming evident that even that small measure has very little chance to succeed in real politics.
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Only yesterday, House Speaker John A. Boehner reaffirmed GOP opposition to any tax hike. Boehner said that the special committee appointed by the President, who are seeking a long-term debt reduction must achieve its mandated $1.5 trillion in savings only by cutting federal agency spending and shrinking entitlement programs.