In my latest post I mentioned that the economy was not as rosy as Obama claimed. I heard in the news last night renewed confirmation of what I was stating.
Apparently it is even worse then what I reported... ah but what do I know?
I am not the President right?
Well let's see a little bit of why we are here.
Everyone claims it was the mistakes of George Bush that led us to it... but was it really?
the point has been made that it was not the mortgage issues so much as it was the fact that Banks were rampantly speculating in areas that did not involve banking at all to begin with.
In other words the financial institutions were playing fast and loose in the stock market and took a greater hit than they ought to have.
But how did this happen now? why not in the 80's in the last recession we faced?
It appears that in 1933 the Government passed a law saying the banks could NOT invest in non banking concerns like this. that bill was drafted and made into law precisely because that is what triggered the great depression.
BUT then it turns out that Bill Clinton, when he was president, countered that law allowing the banks to go back into this risky behavior all over again. and now we are paying the price.
therefore, we need to learn from our past! we need to make sure that this cannot happen again.
Please contact your senator or representative and let him or her know that we cannot continue to make the same mistakes over and over.
We NEED to learn from our past.
After all, "Those who forget history are doomed to repeat it"... guess what.. here is our lesson learned (maybe) again.
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