Saturday, September 27, 2008

Debate: "No Chicken in Every Pot"

No, the debate didn't change anything and wasn't revealing. And I have to clarify myself. The Bail Out by the Feds for the USA Financial Crisis is not about any problem in the American Way or the American System. There are some loop holes in the financial system that have been exploited and have put millions of Americans at risk of loss of 1) jobs 2) savings 3) retirement savings and retirement instruments like 401 (K) accounts 4) repayment of social security account debt in the near future 5) loss of American reputation as world standard for financial stability and financial standard of transparent markets 6) loss of available credit for car buyers, home buyers, new business owners, and corporations.

The "Bailout" at the top for the largest financial corporations seems like working at the wrong end. The bulk of Americans may be wondering what US Federal Taxes and the Federal Government will do to protect or help households. Where is the chicken and the security for households?

America will recover from almost everything you can imagine because the strength of Americans is to do what it takes and the economic power and wealth of American can hardly be imagined. Our economy just simply will keep on rolling no matter the small blips of job losses or banking problems.

Just look back at World War II at all we went through as a country - those values are still alive in the USA.

The debate reflects status quo - no surprise. And it is no surprise that politicians hedge and avoid clear statements. BUT all federal politicians should know from study how we all saw Neil Bush take the blame for the Saving and Loan scandal in the 1970s. There is no difference today. And today's Financial Crisis was always predictable.

I am surprised to see the lack of Economists involved and consulted by Congress and the Senate. It should be clear enough how to change the regulations that the SEC and FDIC would help to transmit to the financial industry. The issue is whether to save big business and save bad financial mangers...and finally and most important how to stay with the focus of helping the tax payer and individual Americans.

No comments: