Tying two of my hot button subjects together, I saw one of the Wall Street protesters interviewed yesterday evening. The young man answering a reporter's questions seemed bright, alert, was well spoken and, totally misinformed. Because wherever he got his inputs, education and what he thought were facts, they were upside down.
According to the young man, the main complaints of the protester's are about how Wall Street, the big banks and businesses are taking advantage of the public, especially younger folks who've been financially abused and restricted.
However, if he'd done some homework and checked the facts leading to our current horrendous financial situation, he'd have found out that it wasn't Wall Street or the banks that decided to spend almost a trillion dollars on bailouts, it was the president and a Democrat Congress. And it was the same folks in office who decided to save GM and Chrysler by throwing taxpayer funds at them, primarily because they have so many union workers on their payrolls.
It was also the government, and guys like Dodd, Frank and O'bama who long ago put together legislation forcing mortgage lenders to provide home financing to just about anyone who could sign their names, regardless of their financial condition. That caused the almost world-wide collapse of the real estate markets which have yet to recover, and may not fully come back for years, if ever.
What all this means, and there many more examples of absolutely idiotic government schemes, is that the protesters have their "ism's' mixed up. Because it isn't capitalism that's failed in the preceding situations, it's the opposite one...socialism that's totally at fault.
In a free market, which is what capitalism is all about, failing businesses and organizations would have been allowed to sink, fail or reorganize, whichever was appropriate for those entities. But, whatever happened to them, they certainly wouldn't have been financially propped up with federal funds. And in that regard, there aren't really any federal funds at all, all those dollars come from successful businesses and individuals who pay taxes.
Consequently, at the bottom of all these horrendous financial debacles, the government's to blame and so are socialistic practices. Because what we've got left now is humongous debt piled upon debt with still no clear signs of improvement and an administration whose primary aim is to keep repeating the same financial mistakes.
And what all this means is that if the protesters really want their financial problems fixed, they'd find out what capitalism is really about. Then they'd realize that socialism did them in and instead of whining and moaning on Wall Street, they'd band together in voting booths and get the real culprits out.
That's it for today folks.
Adios
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