19th Feb 2009, 19:31
The solution is not to regulate industry. It is Washington who accepts all of the special interest money you mention and needs to clean out their own house. We tried regulating the banking industry, requiring banks to loan money to people who could not afford to pay them back. Now the banks are in trouble because of all the bad debt they have on their books. The government's devious response to have taxpayers buy up all this bad debt that it (government) created so they can slither in and take over the industry.
The real corruption in the banking industry is the Federal Reserve system, where we have a group of unelected and unconstitutional banking authorities controlling our monetary policy to profit themselves, while blindly running the economy into the ground with their flawed economic models.
19th Feb 2009, 12:08
This is one of the most concise and best summations I have seen of our current economic mess. And with regard to our auto industry, it has not been just a case of people being manipulated by ad hype from Japanese companies. If the U.S. had universal health care (like all other civilized countries do) our auto makers would not be in the mess they are in. They have to pay BILLIONS in health care for current and retired employees, cutting deeply into operating expenses and profits. The U.S. is the only civilized nation on Earth that sits idly by and allows our poor, elderly and children to die for lack of medical care. It's ironic that the current bailout would have paid for healthcare for every man, woman and child in the U.S. Maybe someday we'll grow up as a nation if we don't go bankrupt first.