Economics…you Can’t Make This Stuff Up

Boy oh boy, there is such much to say about this, I don’t even know where to start. Actually, yes I do, it’s one word. Greed. Greed on the part of home buyers who knew they couldn’t afford the homes, greed on the part of their banks who knew they were giving bad loans, but didn’t care because they were going to sell the loans anyway, and greed on the part of the investors, foreign and domestic, who thought they were getting a lot for just a little. I have very little sympathy right now for anyone. Do I want a bail out? NO. Is it necessary? Absolutely. Our economy is very fragile right now, and if scores of banks begin to close all at the same time, you’re looking at an America you won’t recognize. It’s a shame that we, the tax payers, have to pay for this, especially after having to pay for George Bush’s war, but that’s what happens.

Deregulation: The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.

Deregulation is one of the main reasons we are in this mess today. In the Sep/Oct 08 issue of Contingencies magazine, John McCain said this: “Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.” (http://www.contingencies.org/septoct08/mccain.pdf)

So John McCain wants to run health care in this country the way the banks are run? The same banks that are failing left and right now, and need a $700 billion dollar bail out? I’m no fool, I know the insurance companies and banks don’t have my best interest at heart, so why would I want to make things easier for them? They need oversight, period. People scream about wanting less government, and they don’t even know what that means. You know what you get when you have less government? You get the economy we have right now. Happy?