March 28, 2008
The Facts
In his speech yesterday on his economic solution, Barack Obama addressed the problem with the mortgage lenders and banks as he sees it. He blamed both the Democrats and the Republicans for the current problems citing politicians and lobbyist for dismantling regulation over these institutions, which also included the energy and telecommunications industry. He described it this way; “Under Republican and Democratic administrations, we failed to guard against practices that all too often rewarded financial manipulation instead of productivity and sound business practices. The result has been a distorted market that creates bubbles instead of steady sustainable growth, a market that favors Wall Street over Main Street but ends up hurting both.” He went on to say “Instead of establishing a 21st-century regulatory framework, we simply dismantled the old one, aided by a legal but corrupt bargain in which campaign money all too often shaped policy and watered down oversight.”
My View
Although I am not supporting Obama, we finally we have a candidate that has nailed the biggest cause of our current economic problems dead center. What Obama pointed out is the best example you will ever hear of greed and corruption gone wild where there are no laws prohibiting it. Our current business world operates under a policy that says ‘there’s no law prohibiting me from immoral practices, therefore I can & will do it’. Unfortunately, we are mostly a society that will not do the right thing unless we are forced to do it by laws.
Often times I have made the comment that you can not legislate morality, but I stand corrected on this one. You can certainly legislate laws against immorality of this sort, and then properly & severely punish those who break these laws. We have laws against prostitution, which is nothing more than an immoral act, and those acts generally have no world-devastating effects.
Because of these practices by businesses we are forever teetering on the brink of an economic disaster that will place us in a third-world category. Our government is continuously having to adjust and tweak things to prevent this from happening; but just one small hiccup and it’s all over. We have to make moves that will at least put us in a position that one little ‘oops’ does not bring down our house. So on this point, I agree with Obama completely.
Filed under: Democrats, Presidential Campaign
