When I saw the news about the failure of all the investment banks, I had an urge to draw out my meager funds and sew my money into my mattress or, like my mother, hide it under the carpet in various places in my apartment. Until now, I had thought she was going a bit dotty. Sorry 'bout that, Mom.
Like John McCain, I don't know much about economics, but I don't think it takes an expert to have a basic understanding of what is happening. ARRRRRRRRRRRRMAGEDDON! No, wait, let's be reasonable. RUNFOR THE HILLS! LOCKAND LOAD! Oops! I guess I'm not quite over the panic, yet.
Seriously, though, can't we look back over the past few years and get a kind of gut feeling about what has been happening? Basically, we've been sold out. Remember when Phil Gramm (who is slated to be McCain's Treasury Secretary if the Republicans win in November) led the charge to deregulate the banking industry? Thanks, Phil. This has worked out the same way that deregulating the telephone and cable companies worked out.
Deregulation only works if the industries that are being deregulated have the integrity to operate in the spirit of fairness that is expected of them. But, look what hads happened. Greed took over, and the bottom line rules. The competition has been gobbled up and now we have these monster monopolies. And, didn't there used to be a law against that?
But, let's take a look at the stock market. How has it been manipulated in recent years? Let me count the ways. We don't really think the high oil prices are all the fault of OPEC, do we? Speculation has been rampant on wall street. And, that's only one part of the puzzle. I don't pretend to be smart enough to explain all that has gone on.
All I know is we have to pull our heads out of the sand and take a realistic look at what we have allowed to happen. We have to demand answers and solutions from our candidates and stop making big issues about things that just don't matter in the long run. We have to let them know that we don't want to hear the same tired old rhetoric, and demand that they address the problems that are about to overwhelm our society. And, they'd better do it fast and mean what they say.
And, much as it pains me to have to admit it, it looks as though old Dirk has been right about the economy, all along. You didn't think I was paying attention, did you, Dirk?
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6 comments:
Betty, you have it absolutely correct. The only way deregulation works is if the corporate world is willing to take responsibility to regulate themselves and as I have often said, capitalism, which is what we have for a form of government,is greed driven.
As Robert Kennedy Jr has said, corporate driven government is fascism. That's when business gets into the business of running the government.
You can say you're not smart enough to understand it - but you are enough smarter than I am that this makes perfect sense and helps me. It makes me even gladder that I didn't vote for the present administration.
I guess run to the hills and pray for the rocks to fall on our heads?
What about the one who said we are just a bunch of whiners.
Greed seems to be the rule of the day!
deregulating has been the theme for 8 year5s and now we are in a mess!
I don't think you should draw your saving out of the bank . That is a good way to get knocked in the head but it might be wise to keep some cash on hand just in case the bnks close for a time. it happened in the 30's and could happen again.
I don't have that worry because I don't have any thing. small comfort.
we have dark days ahead.
brava, betty! we have to keep saying these things and demanding our elected officials do the right thing! xoxo
well said betty x
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