Wednesday, September 17, 2008

Our Country's Financial Crisis

Admittedly, I don't really know much about economics, Wall Street and other finanicial theories, trends, analysis, etc. But I am smart enough to realize that what's going on in our country right now, and the value of our dollar is of serious concern, not only within the United States, but it's ripple affect around the world.

Prior to the rise in gas prices these past few years, I really never thought about the connections. The price of our food, the price of services, the price of clothing, shelter, activities for our kids - anything and everything that is directly and indirectly related to transportation and the price of fuel. This may sound naive and spoiled to those who live outside of the US in which this may a normal part of their economics and standards of living, but it's really kicking us in the butt. The housing and mortgage crisis is making me nervous, even though our payments are relatively low and there really isn't any reason for us to move into a new home. I am thankful now that we didn't bite off more than we could chew and like so many others, bought a home that realistically is way out of reach (even if a half a million dollars for a house is average).

I am really worried that the average American doesn't get it and aren't worried enough to speak up and voice their concerns, anger, and desire for change that will benefit our economics, our health, our labor and consumer rights and the environment. That we will continue to wait and do nothing until it gets so bad that common sense loses ground and rash decision making and approving plans and decisions that have short-term solutions, takes its place. That corporations continue to benefit from corporate welfare and the people are left to suffer from their greed and poor managment.

However, I do think there are exceptions, especially in the case when the lack of financial intervention from the government, will harm thousands of people by losing their jobs, their pensions, and much more. There should be consequences to those whose greed created this mess and regulations put into place to monitor and to protect the labor force and our economics as a whole. Unfortunately, our government in the past, has done little to punish those that are responsible but hopefully that will change as our financial crisis continues to spiral downward.

What brought me to write about this - well it was a headline, The Feds Play Sugar Daddy that I just read on and last night's episode of Charlie Rose, with his guest Hank Greenberg, former chairman and CEO of American International Group (AIG), the world's largest insurance and financial services corporation. It really put what's going on right now into perspective, at least for me.

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