Unfortunately, much of what has occurred has been on the Republican watch and the politico-economic philosophy that has supported it has been what I call "look the other way", let's have "free markets" (ra-ra-ra), Republicanism.
Now, the advocates of "personal responsibility" don't want to take responsibility --- how convenient, how cowardly, how lame.
I don't think it's that simple. Example - Detroit's predicatment is due to 'Republicanism'? I think it has more to do with the evolution of arrogant management, and a union controlled (Democratic supported - maybe even 'look the other way') industry.
My whole point is to blame one party or group, or even a general philosophy not fair, or healthy.
But, it could be worse; it appears Europe is going to have an even bigger struggle.
I guess the important question is where do we go from here. This has been the hidden issue behind this crazy string.
Personally, I think we need government intervention to:
- rescue the banks and shore up the financial system - facilitate non-capital market corporate lending (banks should be compelled to lend if they receive TARP funds) - find a floor in the real estate market - re-invigortae the "securitization" of loans - increase aggregate demand by encouraging consumer spending and creating jobs, especially in the areas of infrastructure, technology and education - The Auto industry should be re-organized to be more efficient; Unions need to sacrifice benefits to maintain employment and productivity - We need incentives for corporations to scale back wages and benefits rather than lay people off; Corporate executives need to give up their perks - We should tax second homes, boats, cruises, French champagne & truffles, automobiles with sticker price over $40,0000, professional "meetings" in foreign countries -- the stupid luxuries of the privileged few. - Merril Lynch brokers should forfeit their bonuses - AIG management should be fed their balls...
Look, it's not rocket science. We need the rich to pay more. Switzerland needs the rich to pay more!!!
If "hands off" and "freedom" were so productive, would China be the leading economy going into the next century?
I am not a communist and I am not a socialist. I'm an advocate of fairness... Enough corporate welfare and tax breaks for the rich. We need a society that provides a modern minimum to it's members... Somebody's got to pay for it, and it ain't the homeless.