When I see some investment bankers in jail
then I'll believe that we are going to get serious about our economic problems. I do fault the public for living well beyond their means but in defense of some, no empathy, they bought into the HGTV marketing scheme of flipping, building, and totally thinking that they could afford to live HIGH with very little effort. After all the house became the bank account for many and many thought that it would never end - well, not everyone.
I honestly believe that our investment banking system is responsible for the moral hazard that was created in the decade of the 90's. They invented financial instruments, they did predatory lending, they do not today or then resemble anything like most people think of when they think of a bank. The multimillion dollar bonuses continue even today as the FED continues to feed the revenue with no cost and allows the banks to clean up their books. I quite sure the Freein05 can tell that story much better than myself.
Even Europe is complaining about the American system of greed and understands that unless we somehow bring back some sanity to our banking system then the problem will only temporarily get better with an even bigger problem later - TOO BIG TO FAIL is still in place.
I personally think that it is time to nationalize the banks but I suspect that the economics will have to get much worse before people can accept the ideological conclusion that the free market is not serving us well, nor is it free but rather taxpayer and debt subsidized.
There is definitely a place for government in this economic downturn but the FED and the pompous self serving elitists in the banking community are not supposed to be the government - but they own it on both sides of the political isle.
No sure what is going to happen but I don't think our problems will be about entitlements or anything like that - they will be about corruption, hedge fund casino gambling, and really all that we can do is vote and the choices are all very similar. But hope is not the answer (I loved this article contributed by Puglogic)
With the economic downturn, climate change, and lack of opportunity for many I think we have left a very challenging word for our children. I would love to see a rebirth of simplicity in this country and it might just happen sooner than we think - it will be different but I don't think it will be apocalyptic. I do think a social revolution is in order - enough of this ignorant greed and corruption by business and government. Time to look back to the 60's movement and learn some important lessons.
Peace