We paid the government for fire prevention (regulation of the mortgage and securities industries) to STOP the arsonists from setting fires and creating huge damage to the housing and stock market. They FAILED.
Why are the Arsonists still running around free spending the money they earned from setting these fires?
We are current paying the government to repair the fire damage. FAILING.
If you had an employee this incompetent would you keep them on the payroll or let them drive your business into bankruptcy?
I have always been a realist and optimist. At one time I thought this down turn was mainly perception and lack of consumer confidence. I was wrong. It is much, much more, years of spending more than we earn (as a nation), no regulation (or not enough to mean anything) of mortgage and securities industries. This allowed the unchecked arsonists to create trillions of dollars of damage to our economy.
Greed is good at all costs mentality. Has created a financial tsunami covering the entire country and compounded by the fact our economy was being built on sand over the past few decades. So the sooner we get real and come together (those who have come together deserve our thanks) to resolve the problems, the sooner we achieve an economy recovery which needs to be lead by the housing market.
I'm still hopeful Obama will bring long overdue accountability and transparency to the government, with real solutions to rebuilt the fire damage, including jail time for the criminals. It's tough to remain hopefully in this storm of incompetence. BUT, what else do we have to hang on too?
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