The poor struggle for subsistence. The middle class realizes that our manufacturing jobs have been sent far away. The rich, no matter what they say, are tired of being made scapegoats for the country's problems. The corporations, where most Americans still work, are made out to be the enemy. Banks are attacked as if they were supposed to have known what mortgages to write and what mortgages not to write. The Unions hang on to antiquated work rules. The Politicians have no creative capacity. The Tea Party, well meaning or not, advocates totally disastrous economic policies. The liberal left actually believe people are "entitled" without having to earn it. The public school system is frozen and outdated. Wasteful financial transactions are accepted as a crucial part of capitalism's strength.
You could write all the offsetting positives to the above you want, but as long as the standard of living is stagnant, you would just be plain wrong.
No jobs, no growth, no improvement...just the opposite.
Friday, September 2, 2011
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Could you explain the current sub-prime mortgage situation? As I understand it, the Federal Government mandated that banks had to offer sub-prime mortgages to people who couldn't afford to pay them back. And now the same federal government is suing these banks for bundling these same mortgages into securities. How can the Feds sue them for a situation that they got the banks into in the first place?
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