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I plead ignorant to the issue of corporate fraud and Wall Street crooks in regards to the credit crisis. However, I do know that predatory loans, short selling, and rampant speculation, while unethical, are all legal as far as business and financial matters are concerned. Greed arises from the very human desire to do what is best for oneself and one's family. However, greed is also a natural emotion which is both intransigent and unyielding. Greed can be curtailed by legislation.
The main perpetrators in this credit crisis are the 1) hidebound politicians who can't accept the failure of unregulated free market capitalism in the first place 2) the failure in leadership of the opposition to curtail corporate greed 3) American culture, which encourages living above one's means.
If Wall Street -- and thus "the system" -- is to blame, then architects who allowed that flawed system to run are to blame as well. Washington DC is to blame.
However this mess turns out, rest assured some positive will arise from the ashes of the American economy: the decisive repudiation of Keynesian economics and deregulation. This coming November, Democrats will chase the Republicans out of the House of Representatives and the White House. If the next 3 years are difficult for the common folk, then so be it. We are at a watershed moment in this nation's history, and progress will inevitably result. The future will be better than today.
I supported the bill which was rejected yesterday. Opponents charge that this bill treats the bill treats the nation's symptoms rather than fighting the illness itself. While true to an extent, the medicine is on it's way. What is the medicine? The medicine is the ballot box and the millions of voters who will be kick the Republicans out of office. Change is on the way.
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