Why All The Financial Suffering?
Many people point to all those foreclosures and the economic chaos and ruin that followed the collapse of the housing market. Much of it had been brought on by overzealous lenders who lured borrowers into teaser loans containing low front-end payments that later adjust into much higher rates and higher monthly payments. For those who hoped on refinancing to offset the increase, the falling values of homes and the reduction of available equity in them have pushed millions of homeowners into foreclosure and into bankruptcy. But the problem of why there have been so many foreclosures goes much deeper.
The painful lessons of 2008 and the giant bail-out of the banks under the Bush Doctrine of “too big to fail” has been destroying the heart, soul and pockets of Americans. Yet as we move from 2008 to 2016 and beyond, these same banks are at it again, dreaming up new ways to structure securities and whatever else they can sell. Most of which are made up of suspect real estate values and spooky math that is impossible to understand. Do the big banks really expect a repeat performance like the one that caused the greatest world recession ever and has ruined the lives of so many hardworking Americans? Apparently so.
Until banks are allowed to fail (just like every other business) they will not feel the sting of accountability and they will not be held legally responsible for their misdeeds and fraudulent actions. Wall Street greed will remain unchecked and the poor and middle-class will continue to decline into deeper levels of financial despair.
It has been said that unbridled capitalism contains the seeds of it’s own destruction. The key term here is unbridled. The proof that we have reached this point is undeniable when we consider that less then two hundred American families possess more wealth than the entire bottom 90% of all Americans combined. That’s less than one-tenth of one-percent of our entire population!
The problem is not capitalism, it is that we have let our “pay-to-play” politics turn our system of government into an outright Oligarchy. And as history has proven over-and-over again, from Oligarchy comes Fascism. If we allow this madness to continue,it will destroy our nation and the dreams of its people.
The nation that once had so much to offer anyone who had a dream and was willing to work hard to achieve that dream, is shutting down, and thanks to the Supreme Court, it may be impossible to reverse.
The recent Supreme Court 2009 decision in Citizens United vs. Federal Election Commission has effectively legalized and endorsed the pay-to-play election system that effectively gives the top one-tenth of one percent of our population the political power to control our nation, and in doing so, we risk pushing the vast majority of our people into deeper levels of poverty and suffering.