Fiscal Disaster at the Gates?
Some Say Yes, Some Say No.
Open the Gates to Find Out?
The world is spinning rapidly, and it cannot be stopped to let anyone off.
We wrote about the national fiscal crisis last Friday and Tuesday. Since then, the President addressed the nation, the leaders of Congress came to the White House, and the parties have negotiated.
At this point, it appears that Mr. Bush’s problems come more from his own party members in the House than from Democrats in either chamber. Candidate McCain could help if he brings about a resolution of the controversy, but should he gain political advantage from getting people in his own party to do what they should have done in the first place?
At this time, the issue is unresolved, but agreement may come in time for tonight's debate, over the weekend, next week, or not at all. People may be waiting to see if the Dow breaks 10,000 on the way down.
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Henry, I would not be too quick to absolve Pres. Clinton of his portion of blame for the current financial meltdown. His Secy. of the Treasury, Robert Rubin overturned decades of prudent banking policy by enabling the banks to engage in novel unregulated investment activities that made it profitable to collateralize and leverage everything from bad mortgages to ham sandwiches. Rubin's Citibank in fact has taken one of the biggest hits at this point, far worse than JP Morgan Chase.
ReplyDeleteOver the last few Administrations what we have heard more and more is "What's good for Wall Street is good for the United States." Unfortunately, the financial sector has grown in political influence out of all proportion to it's actual productive importance for our economy. Meanwhile, other vital traditional sectors have nearly vanished. Economists tell us not worry. I suppose we should be happy to live in a world in which China gets to do what it does best - manufacturing (just kidding) while get to do what we do best - finance (also just kidding).
- arthur
Recently an insurance company nearly wind up....
ReplyDeleteA bank is nearly bankrupt......
How it affect you? Did you buy insurance? Did you buy mini note or bonds?
Who fault?
The top management of the Public listed company ( belong to "public" ) salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......
Sign a petition to your favourite president candidate, congress member again and ask for their views to comment on this, and what regulations they are going to raise for implementation.....If you agree on my point, please share with many people as possible....
http://remindmyselfinstock.blogspot.com/
Henry- Until I read your article, I thought it would be better to limit mayors to two terms, and allow councilpersons three terms. You seem to suggest that just the opposite is the better choice, right?
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