When it comes to facing up to financial big boys, I can't decide if they're just plain wussies, or they can't run with the bull market. Seems to me a little of both, which has gotten the U.S. investors into our current market mess in the first place. I'd say that lack of knowledgeable and skilled financial staffers is the one reason, along with political bureaucracy, and these staffers having enough guts to relinguish there overweight wallets, and standing up to these companies who are relentlessly ripping off the American people.
The treasury secretary, yesterday, spoke on regulation yesterday, stating to the New York Times, "I am not suggesting that more regulation is the answer, or even that more effective regulation can prevent the periods of financial market stress that seem to occur every 5 to 10 years". Well Mr. Secretary, here's some news for you! First off, it's not financial stress, it's called a crisis, and it just doesn't appear every 5 to 10 years, but has been substantial throughout the past decade. It started with deregulation by our good ol' faithful, Alan Greenspan, who "engineered the wholesale deregulation of the U.S. banking and financial system" (1). If the Fed is going to take such a soft stance on regulation, then you better be aware of your past actions, before conning the American public into giving them security.
Now, you have the U.S. Housing Secretary resigning, to dedicate more time to his family?! Wrong answer, buddy. Now he's under investigation by the FBI, due to a possible extortion of Philadephia's housing authority, forcing it to turn over property to a politically connected developer (2). What is going on here?!? We've come to find ourselves and our government running from the problems it's created, and instead of rushing to patch up the holes, our leaders have decided to do little if not nothing to patch up the damage, and steer this economic ship in its true direction. If their explanation for all of this is that they were wrong and are cleaning house, then I hope for once in my lifetime, our leaders can find competent, and apt staff members, that can do the without being hindered by politics and money.
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