One thing for sure: It is the CREDIT crisis that is the primary source of the problem that the world is now facing and the primary cause of so much angst for so many.
Too many individuals and corporations became way too leveraged over the past 50 years and, although an unfortunate outcome, this group of risk takers, (euphemistically speaking), need to be primarily held accountable for any monetary reparations that they receive in assistance. All the money being thrown at the credit problem needs to result in minimal REDISTRIBUTION of responsibility for this crisis. That means that any and all government funding needs to be collateralized by the assets that such funding is supporting. Certainly, to allow these RT’s (again euphemistically) to escape unscathed is an unsatisfactory, irresponsible even, knee jerk response.
Any major REDISTRIBUTION of responsibility to the general taxpayer is a cop out and, at best, in all likelihood, destined only to defer an even greater crisis in the not too distant while further diluting the N/American “util”.
Here is a current report card on how the crisis has evolved so far:
sfgate.com
Unfortunately, it looks like the taxpayer, not the RT, is currently being tagged with the major portion of the funding for the overleveraged to date.
Compounding the credit crisis that has evolved over the past 50 years is the reduction, or loss altogether, of our manufacturing infrastructure, our knowledge gap and our comparative ingenuity advantage that, in the past, has fuelled vibrant spin off economies by such innovations as the vehicle, the telephone and television, the airplane, quantum mechanics and most recently, the microchip. As each innovation and its corresponding spin off industries matured, the next innovation was there to take its place.
Unfortunately, what we have today is rampant credit issues compounded by a stagnant economy lacking in any apparent new innovative idea to tap into the economy now that the last innovation, the microchip, and its spin offs are approaching maturity on the N.American continent.
So yes, the REDISTRIBUTION of debt responsibility evidenced to date is shameful and the accompanying lack of co-ordinated planning in shovelling money at these overleveraged pikers is maddening.
If half the money that is so freely flowing to the RT pikers were re-directed to promising new economic advances, like alternative energies, it might provide the glimmer of hope needed to see us through what is becoming an unprecedented economic crisis in N.America. as graphically evidenced here:
dshort.com
The underlying problem to both the credit crisis and and the lack of an exciting new economic ideas is that immigrants coming to N.America are more than happy to carry out jobs at minimum wage that currently command much higher union wages (i.e. car industry)
I fear that either the unions give up a lot or the manufacturing base will move offshore.
It's all about basic values and now that the knowledge gap and creativity gaps have been bridged, it is a matter of time before N.American values/entitlement/wages thinking are realigned. |
