Thursday, September 25, 2008

Breakdown on the Way to Enlightenment

Sometimes things have to breakdown before things get better.

Right now our country is in the middle of a political crisis. Do we tell the truth about the immense possibility of total financial collapse -- we had it coming! Or do we use it for immense political power-mongering?

I like to avoid coming out with intensely controversial political statements, especially in print. But this particular economic crisis comes on the heels of an economic crisis of a more suspicious kind: a lot of people made a lot of money in both the boom and in the subsequent housing crisis that followed. Skyrocketing housing prices have made wonderful places in the world like Santa Cruz very stressful places to live. But this is not just true here. It's the case in every reasonable sized community in the country. Nobody is talking about the enormous gains made by people in the banking and real estate market in recent years. We're only talking about how the excess of greed that was rampant then has practically bankrupted those same institutions now.

I'm not saying a financial overhaul isn't required -- it is! But the biggest changes that need to happen involve sound business choices made with the understanding that we're all in this country together. The wealthy should not be bailed out on the backs of the poor. Ideally, it's time that dynamic was turned around.

1 comment:

The Great Ethan Allen said...

I agree! The banks took a risk! With risk comes the possibility of losing it all.. there are no golden parachutes for us Etsyers. If we invest in bad materials or don't promot our shops we lose money they shoudl have the same concequence. Tax payers shoudl not pay for their mistakes. Anyway I dont get political much either ...just thougth I would post something.