
Most Americans don’t really understand austerity but they know from watching CNN that it involves demonstrations and riots, so it’s not something they want to be involved with. Because of this the folks in D.C. have created the debt ceiling debate. This is even more confusing so the majority ignores it and labels it politics or high finance.
Once upon a time in America we created an institution whose goal it was to inject money into business. If the business produced a good product and did well those that invested in this business were rewarded. This was the theory behind the creation of Wall Street. Then came lobbyists, deregulation, and corporate personhood. What we have now is no longer a free market but a corrupt market. The quality of a product is in no way a determining factor in its success.
MacDonald’s does not make the best burger, nuclear power is not cleaner safer and more affordable than solar, and investing local tax dollars in Wall Street does not help grow local business.
Inferior products are subsidized, bad management is rewarded, and businesses that have failed due to these factors are bailed out by the government. The real solution to the 2008 crisis would have been to bail out the small banks and all the mortgage holders that got screwed by the big banks and idiots like Alan Greenspan.
The bank of Milton would have injected the money into the local economy because if their bank executives used our tax money to buy new cars, vacation homes and fur coats for their wives, the local community would have fried them.
Many economists will argue that these guys in the financial sector are really brilliant and that this whole situation is very complex and they just were blindsided.
I have said this about 9/11 and I will repeat it for Wall Street. If the people in charge did a bad job and it caused a problem this severe they should be fired and washing dishes somewhere. If they did it on purpose they should be in jail. Neither happened after 9/11 or after the “crash in 2008” If I managed a business and bankrupted it or burnt it to the ground killing half of my employees, I would be unemployed or in jail.
The corrupt market economy that created too big to fail, and too big to jail, rewards failure and for this the taxpayers will suffer. Cutting services for the majority and using the money saved to enrich those who caused the problem. That’s austerity!!!!



