Robert Reich: Government Needs to Rebuild Trust in the Markets
Wall Street's biggest problem right now is the collapse of trust, Robert Reich writes
Reader Comments
Financial Crises and the Way to Recovery
Financial Crises and the Way to Recovery
The term “shocking” can’t even come close to describe the severity of the financial crises that we are faced with. According to Barack Obama, the only way we can get out of this mess is for this country to adapt socialistic values and enforce socialism by gaining control of all three branches of government. I’m sure that the mountain of money his campaign has collected from domestic and foreign donors, names the Obama campaign won’t disclose, will be used for that purpose. As soon as total control is gained, organizations like ACORN will have a green light to further abuse the law to suppress free speech, control the outcomes of elections and brain wash children in schools to believe that socialism is the answer to all of our problems. With total control of the government, and help from people like Bill Ayers, Rev. Wright and Antoin Rezko, who will probably be pardoned, achieving the ultimate goal, “a life of sexual confusion and moral collapse” will become a strong possibility.
The proof that socialism, or spreading the wealth around does not work can be seen by examining ACORN and its accomplishments by manipulating bancs to make loans to minorities with bad credit. By using charges of racism and threats to use CRA to block business expansions, ACORN and Obama already contributed to the crises we are in today and finding new ways to distribute the wealth will only make the situation much worse. His idea to put a three-month moratorium on foreclosures will further weaken the already fragile banking industry and only benefit delinquent homeowners by allowing them to live rent-free.
In order for our economy to start prospering again, we first need to elect an honest leader who is determined to stamp out the corruption in government and to stop the leftist movement from destroying the middle class. The hard working people can no longer be expected to keep giving until they themselves have nothing left to give.
Cybercorrespondent
http://cybercorrespondent.blogspot.com
Back To Basics
Before we embark on a multi-billion dollar fiasco sponsored by the people who supplied us with a meaningless war, non-stop wasteful spending, deceit about everything, arrogance beyond belief and a complete disregard of our Constitution, can we please take a moment to review the TRUE fundamentals of our economy??? Even though McCain speaks without thinking, the fundamentals of our economy are in very poor shape yet they are the best place to begin rebuilding our economy, by focusing upon the basics to build a firm foundation for growth. First we start with increasing our savings accounts, next we begin servicing our enormous debt, adopt a balanced budget, regulate the financial industry, limit credit primarily to businesses, adopt responsible personal conduct, thoroughly investigate all branches of government and get back to taking care of America First. This nonsense of failing to service our own debt in favor of foreign investors is the greatest security risk we have ever undertaken and it must be reversed. Americans are a hearty people capable of great things as long as our government stops sabotaging our every move. This financial bailout could be financed simply by everyone canceling their cell phone plans and depositing the money saved into a savings account for one year. Better being without a cell phone than being with a debt for life!!!
The Big Bail Out
Robert Reich is a good man! Our government must not allow the failures of Wall Street companies to rob us what little trust the rest of the world has in our honest working people. We are all in debt! Please do not commit this kind of money to a of bunch of irresponsible bankers and reckless risk takers. Put the money into a health care system and rebuild the infrastructure. Protect the families who find themselves on the ropes. This will save money and create jobs. It will put more resources into the hands of the people who really drive our economy, the small business class and the working class. Robert Reich is a very good man! Come on Obama and tell it straight. John
Drug culture
We are a nation that has let down future generations by weighing them down with an insurmountable debt. We have been tempted with easy credit, and over-consumerism which has left us as a hand to mouth nation bereft of savings. Our entire society is now vulnerable to foreign takeovers, and as we all know commerce dictates policy.
I do not see any accountablitiy in the current financial debacle and yet we are giving money to the same people who managed to get us into this mess. After the savings and loans fiasco of a few years ago, it seems unthinkable that such a lack of diligence was performed on our other financial institutions.
Need we be Afraid?
There we go again, putting FEAR into the contest in an attempt to over shadow every other issue. Yet a need for FEAR is considerably needed before it becomes too late to survive what may be a change in our lifestyle and general living conditions as American citizens. Is it a terrorist attack that will make such a drastic change? The cause of our demise is much slower to occur than a sudden bomb exploding yet more damaging and will affect every single man women and child in our society. The life altering effects will reach into the very core of our nation’s vitality.
McCain is a genuine hero and his first love is the need for defense, but he needs to assure the nation that the BushCheneyMcCain riff now happening with Russia will not escalate to a new COLD WAR. He fails to address the danger of the national debt and the danger of a new weapon buildup will cause our economy. The WAR mentality I saw all during this convention speaks very loud as to what he intends to do as President. The financing of more debt has to come from somewhere and cutting more corporate taxes will only weaken our defense capabilities. President Reagan is McCain’s hero and his guide on defense, but McCain forgets that the five trillion spent by Reagan for the first COLD WAR is yet to be paid for. McCain supported the “SPEND and BORROW ,” policies of Reagan Republicans that we cannot continue to afford. We as a nation are being swallowed up by all the debt, both national and personal.
Take Georgia as an example, Bush is planning to pay them ( with borrowed money) a billion to replace the weapons they lost in this conflict with Russia. The absolute refusal to believe we are borrowing ourselves into an eventual economic crash amazes me. We have purchased overpriced homes that we cannot keep up the payments on. Investment banks have obligations exceeding sixty-five dollars to every dollar on hand. No wonder the economy is weakening we are a debtor nation both individually and as a nation. We just made the biggest government bailout in our history with more money to be borrowed.
The arrogant idea that somehow we can afford to provide a world wide police force (our military) at no cost to others and still afford the necessary infrastructure in our own country to compete with the emerging economies of China, India and even Russia. We mistakenly believe we need more weapons than the rest of the world combined and yet cannot afford to replace roads, bridges any other investments needed at home.
Unfortunate for America McCain seems to desire to start a new “COLD WAR” with Russia. If you recall the cost of all the weapons during the last”COLD WAR” was the cause of the fall of the USSR, but now things have changed. Russia is running nearly annual five hundred billion surplus while we are running about the same in deficient. Whom do you think will be interested in financing a new military buildup on top of the ten trillion we already owe? When the answer becomes no one, the American Empire is over. Interest rates will become unaffordable and hyperinflation will cause a near economic crash. Life as we know it will end.
Yes sir, we need to be afraid so it can be avoided.
Government and trust
Beyond regulation and oversight there are two fundamental problems with governmental powers. Money is now based on the trust in the value of the government and in the ability of the government to print and place any amount of money into circulation. Domestic trust is at its lowest point since the Great Depression. International trust is the cold assessment of creditor to debtor, not a good basis for international influence today.
Government self regulation is an oxymoron. It usually takes a major crises in faith to move a nation to revolutionary change.
We have the choice of McCain pressing the undo button without updating the computer, and Obama offering yet another promissory not to the people.
It would take the honesty and sincerity of Robert Reich to infect the Congress and the Administration with what would be a deadly virus to most politicians before the necessary changes could come about.
