The debt hawks are to economics as the creationists are to biology.
The banks’ lending practices caused the recession. They were rewarded by being bailed out.
Now, the banks’ paperwork violations will cause the second slump, or at the very least, extend the current slump, and undoubtedly, the banks will be bailed out again. Everywhere you look, the problem is the banks, the banks, the banks.
No, it isn’t China. No, it isn’t the federal deficit. No, it isn’t the dopey Tea Party, or Obama’s wishy-washy leadership, or the Supreme Court’s terrible decision on corporate political spending. No, it isn’t interest rates. The problem is the banks and the lack of supervision, thereof.
These institutions, fundamental to our existence as a capitalist economy, are dramatically under-controlled. Our law enforcement pays far more attention to drugs and driving, than to the money handlers. Meanwhile, the money industry’s “masters of the universe” make drug kingpins look like poverty-stricken choir boys.
The money industry should be the most closely watched industry in our economy, yet it is not. They are given a pass based on trust. Why do we continue to have faith in criminals, who wear three-piece suits and sit in posh offices? It makes no sense.
We should stop spending so much time and money on marijuana and speeding violations, and devote our resources to bank supervision.
There was a time when banks were limited to banking. Today, they can do anything they damn-well please. We should take the next trillion to be used for bank bailouts, and spend it instead on bank supervision, including prosecution of the higher-ups, none of whom have been touched by the evils they have done.
Enough with trusting these crooks.
Rodger Malcolm Mitchell
No nation can tax itself into prosperity