Wall Street: The Fear of Financial Morons
Americans have enjoyed or at least tried to distract themselves with a Christmas break after a challenging 2008. Now that January 2009 is in mid-cycle, Americans are reevaluating their options to continue to live their lives, including with the financial morons of Wall Street: bankers, big business moguls and investors of big finance. They are all fearful of the plight that they have ultimately created and the fact that they have few options. With the inauguration of Barack Obama only days away, the panic is rising in the stomachs of many power-mongers as they realize the immediate enormity of their finances and the risks that threaten to take down their lifestyles and their grandiose purpose for living off the blood, sweat and tears of American citizens. The economy and the American taxpayer have been ransacked by obscene profit and usury on a grand scale.
The mounting business crisis resulting from a continued downturn and coupled with a dismal holiday shopping season has the national powers in business reeling. Financial services are in literal freefall despite the EESA TARP bailout from last year. The mortgage crisis, business and trading losses are expected to be combined with rising defaults across the board and the continued contraction of credit.
The U.S. economy is in a truly interesting state. Businesses that would have normally failed because of mistakes, mismanagement or the business climate are being propped up. Typically, competing companies and even consumers are able to benefit from the failure of poorly run firms and entities, but that isn’t happening: business progress is stymied along with the prospects of the rest of America.
The reality is that America is feeling insecure for good reason. The federal government, instead of going after the criminals that created the crisis, has opted to secure a financial shipwreck taking on water. Many of the powers in business and banking that brought us down are still firmly in place with little or no hope of reform and the nation is short on ideas for a reasonable way to monitor or upgrade the failing system beyond total socialist control. The financial sector consists of the new terrorists of the American economy, but have been eclipsed by the alarming economic circumstances as the economic ship takes on water from terrorist action. The inaugural party of Barack Obama will be all too short, as the nation focuses on the harsh reality that awaits the nation and what is to be done about that reality, if anything.
Ultimately, big business depends on the little guy. The American citizen and small business needs real help and encouragement in order to get the economy out of the doldrums. Congress can focus on health care for children, but lawmakers need to be more concerned about adults that can scarcely care for themselves or children because of economic blight beyond their control. Americans are looking for good news that they can use, even if that news is simple accountability. That may a while in coming. Cheerleading from government economists won’t do the job. You know who you are. ~ E. Manning