We are at a time in history that I truly feel lucky to be alive to witness this brave new world. The sense I feel from the media and literature that I have read is that global economies are on the brink of collapse. I have long held a nihilist inspired view that economy as we know it and as we have evolved it from it's caveman barter system beginnings is not necessary for the human race to thrive. Someday economy will be extinct and replaced with a more evolved means of trade and gratification of wealth that our human civilization needs. That day is not today but perhaps we are on the way.
The economy is faltering on the heels of eight years of economic policy that was quickly slapped together after the dot-com bust and never refined according to the suggestions and later warnings of high profile economists like Alan Greenspan, and Warren Buffet. The economy continued to grow on a week duct-taped foundation that is now collapsing. There is no point in beating a dead horse but after they say "I told you so," we might want to consider listening to what they have to say now. Unfortunately our Republican leadership in the House of Representatives is still turning a deaf ear to these same people who had the foresight to warn of this very situation. Our political leaders and the sitting administration must act to help fix this fine mess, after all it was their policies and their loosening of guidelines and authority that allowed the corporations responsible for this mess to become greedy and heavily over-valued.
When the government loosened economic policies after 9-11 and the dot-com bust along with dramatic interest rate cuts it allowed these corporations to have access to tremendous amounts of credit. This newly created pot-o-gold was irresistible for the greedy CEO's who saw an opportunity to capitalize on the situation. Greed led to corruption which led to predatory mortgages, which eventually led us to where we are now. We have so thinly policed our capital markets and over-extended the principles of a free market that we are actually driving our economy into a neo-socialistic nationalization of our country's economy.
What is very important to consider is that we are creating the perfect conditions for other economies to take a deeper foothold in the global economy which in the future can lead to our further decline. It is imperative that we act quickly to shore up our economy and to act responsibly and with foresight to the future. The actions of today will have long lasting affects on our economic standing in the new global economy where everything is inextricably connected.
