Category Archives: economy

Occupy Wall Street: The Crux of the Issue

The “Occupy” protests across the country have been criticized by the media and mostly ignored by our elected representatives. Much of this criticism stems from the desire by both the media and the politicians for a single sound bite or demand while the focus of the issue is as plain as the nose on their faces, to separate money from politics.

The single issue is the fact that we have become a Corporatocracy where the 99%, expressed as the rallying cry of the OWS movement, are marginalized and ignored Continue reading

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Mr. President, I Want My Country Back!

The phrase “I want my country back” has either been articulated or at least thought by many in an attempt to make sense of events over the past decade or so. Our beloved country is rapidly becoming unrecognisable and will continue to change in ways that depart from who we are as Americans and as a country unless we take corrective action.

Each of us has probably contemplated a list of issues that if acted upon would restore things to some semblance of normality and order. Obviously, normality and order, like beauty, differs from person to person but such a list of common, hot button issues can be developed. Continue reading

Wall Street Reform: Part 2

Many, including this blogger, have become upset and outraged as the investigations into the financial debacle continue to come to light through ongoing congressional testimony, books and in the media. Not only have we seen a complete failure of our regulatory system, failures at the rating agencies but we are seeing what can only be considered fraud perpetrated by the investment banking community. What is most troubling is that none of those responsible for regulation have been fired nor has anyone at the rating agencies or investment banks been prosecuted. Perhaps this will come when the final congressional reports are in later this year.

Let’s drill down briefly though each one of these failures. Continue reading

Wall Street Reform: Part 1

The contents of this post will eventually, soon, be formulated in a letter to the President and my representatives but I thought that I would pass it by you, dear reader, first.

American citizens are rightfully upset at the behaviors in the financial markets and businesses that put our economy in near collapse and resulted in massive government bailouts, bailouts that sent a message to the banks that profits were to be privatised and risk was to be socialized. In this environment there is little to no incentive for banks to mend their ways.

The belief in the bankers and the market as espoused by Alan Greenspan was by his own admission wrong.

What is needed is new regulation and a restoration of some controls that were repealed in the misguided belief that free markets were self-regulating. Among the regulations that should be strongly considered are the restoration of Glass-Steagall, the total elimination or strict regulation of financial derivatives and credit default swaps (CDS), and a complete rework or elimination of the rating agencies. Continue reading