Sunday, September 28, 2008

Wall Street Crisis and the Economy of Economy

Having heard so many differing points of view on the ongoing financial crisis purportedly facing the nation and perhaps the economy of the world I have been giving it some thought and must now officially weigh in on the matter. After all, putting in my two cents is what I do. With the current situation I may have little more than those two cents for contribution very soon.

Might it be that the crisis is more a crisis of several individual wealthy bankers who are simply trying to see to it that they maintain that wealth as much as is possible on the backs of hard working overtaxed Americans like you and like me? Are we perhaps nothing more that the “bunny” as described for Hope Cladwell by her wealthy father Caldwell Cladwell, head of U.G.C. and the staff of Urine Good Company?

Are we all being manipulated by a small group of men through fear and threat of complete meltdown if we don’t bail out the robber barons of Wall Street? Is this as Michael Savage has suggested one of the greatest financial scams of all time? After all it is such a large matter when one talks about Hundreds of Billons if not possibly several Trillion dollars that few if any but the greatest of economists can get their head around it.

Many have been living high on the hog for a long period of time. But that in-and-of-itself is not the cause of the current situation as it has developed and continues to develop. Much of the blame can be placed squarely on the shoulders of the political ultra liberal left. After all it was liberals who decided that everyone should have some sort of inherent right to own a home.

Because of such governmental intervention into the banking system people who had no business getting loans got those loans. As Larry Kudlow has said on more than one occasion with no “skin in the game” there is little to fear. Not only is his statement right on the money [Pun Intended] his statement will, I believe, become part and parcel to any new financial arrangement developed by Congress.

The days of no money down home loans are a thing of the past. Personal financial interest, skin in the game, and strong governmental regulatory oversight must be the way any future business is conducted. What though about the ability of a business to be able to grow to the point of implosion?

How in a free economy can government regulate the right of a company to grow as big as it is able to grow? On the other hand in view of the current situation on Wall Street one is forced to ask how government cannot intervene in regulating the size and scope of a business which affects not only the financial health of the community in which it is located but indeed the economic health of the world.

Have we reached the point where business to big to fail is no longer a possibility? As a result of the current Wall Street Banking financial failures it would appear that this is the case. In the real world can you create such a system of finance without changing the actual nature of the structure of the government itself? More specifically can you do such without changing the structure of the government of The United Sates of America?

More than a few economists have stated that any sort of governmental buyout plan of regulation is tantamount to socialism. If that is the case then are we as a people prepared to give up the system which we have lived under for so long in exchange for avoiding a total 1929 style meltdown. I say that with the cognizant thought that we may simply be Cladwell’s “bunny” noted in paragraph two above.

More importantly do America’s citizens really have any say in the matter? Sure we are alleged to have that say, we believe that we have that say, but in real world spectrum do we? That is doubtful.

What then are we to do in order to avoid our own personal meltdown? We have attempted in the past to make a little profit with a few dollars wisely invested in the stock market, a little nest egg of sorts. We hope that we are able to invest a little in a 401K plan and if you are as fortunate as I to work for a company like Quest Diagnostics which invests in its employees financial health with a dollar for dollar matching fund, you might think that you are in heaven.

Still, when things are so unstable on Wall Street you simply spend your time worrying that what you have invested over the years and what your employer has contributed will be vaporized due to the greed of a few Wall Street Gulf Stream Five fat cats who bail out and float on golden parachutes.

What can you do as an individual? It helps if you can economize in an unstable world economy. You can, you should, and you must practice the economy of economy. This often involves going without. Lessons learned by our grandparents might have to be relearned.

A skinny economy might not be a good thing for the economy as a whole but economizing can certainly take some pressure off of you individually. For those of us who already have fallen into the trap of excess spending it might be too late to come out of this thing unscathed.

Although not spending what was at one time refereed to as discretionary spending, a flawed term if ever one existed, is not in the best interest of the overall economy the average Joe Six Pack and Snake Oil Salesmen such as myself will have to sacrifice to the gods of economic frugalty a.k.a. penny pinching. When you see that nickel on the ground stand tall then when you are certain that no one is looking bend low.

Yes brothers and sisters bow to the gods of frugalty and grab that nickel before some homeless person gets it first. Indeed, we have as a nation been reduced by our representatives in government to a nation of beggars by a government of swindlers.

And don’t forget to vote for the Democrat or Republican crook of your choice. And in conclusion I simply say, “Fools on the left of me, jokers on my right.” Hey, get away from that nickel, I saw it first!

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