Wednesday, September 16, 2009
Seems Like Yesterday
Seems like just yesterday when the goose of government laid all those golden eggs for the financial institutions that got us to the brink of a greater depression than the Great Depression. In hind sight some economists have even battered around the term "total global economic collapse." But I was reminded by NPR this morning that it has only been a year.
At the time the Republican dominated congress approved the request of the Republican administration for $750 billion to bailout the people that brought us to the brink there was a lot of noise about a total make over of the financial system in the United States. The dream of GW and his cronies of a free market with no restrictions had failed.
Economists say the recession is over. Despite $750 billion being doled out with no records of where, and another like amount distributed with more care by the new Democratic administration the common man is yet to see the results of this back from the brinkmanship. It will be a long time before unemployment is no longer a concern. And we have yet to see one single piece of legislation dealing with regulation of those investment banks and insurance companies that brought us so low.
Now we are being warned that if an overhaul of our financial systems is not law by Christmas we may be in for an even bigger fall in our economy. The banks and financial institutions too big to fail are still too big. Nothing has been done to regulate their size or how they play with money on the global market place.
Congress is still debating the health insurance reform. Note insurance companies are involved with that like Lehman Brothers was involved with the financial collapse. So maybe Congress ought to be involved in the breakup of the big five insurance companies that handle all health insurance and are major players in the investment market. They are not the geese that laid the golden eggs. They are the geese that just laid eggs that almost brought us down. Nothing golden about them.