I'm not so arrogant as to believe that I know the perfect solution to our economic problems. Anyone that tells you they know is either a fool or a liar.
However, that doesn't mean we can't discover where we went wrong once you apply a little logic and data to the situation.
For instance, if you realize you have taken a wrong turn, it makes more sense to turn around and go back to the corner where the mistake was made, than it does to drive in a general direction and hope you can find your way home.
When it comes to the economy, its pretty easy to discover when the wrong turn was made - 1972.
“Behind every great fortune lies a great crime.”
- Balzac
Capitalism hasn't failed. What has failed is the economic system in place today.
No amount of government taxes, trade barriers, or regulation caused it to fail.
No investigative reporter, or congressional oversight committee, or regulatory watchdog, exposed the massive fraud and corruption in the financial system today. All of the safeguards put in place to protect the public, and the current system from itself, failed.
The global financial crisis came to light because what amounts to a falling out amongst thieves. They simply stopped trusting the ability of each other to pay their debts. Once lending stopped, credit creation froze, and the Ponzi-scheme that parallels our financial system broke down.
When is our Congress going to kick those lobbyists to the curb and do the right thing? Don't hold your breath! The Joint Economic Committee held a hearing on July 23, entitled, How Much More Can American Families Be Squeezed By Stagnant Wages, Skyrocketing Household Costs, And Falling Home Prices?
Now from the title, one might wonder if the question is poised to Wall Street wondering just how much money is left to pilfer from the pockets of the middle class. Still, there is always good information and rhetoric in these hearings.
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