Tuesday, October 5, 2010

Washington's Blog: The Enemy is Within!


Washington's blog is my favorite. Today he has an excellent argument that enemies to American well-being and prosperity are not outside (i.e., not China), but rather are internal. Here are a few of his clearly distilled arguments:

Washington: "As I have previously documented, America's too big to fail banks and government have destroyed our economy by:

Failing to prosecute those who committed rampant fraud, thus encouraging them to do it again

Rewarding the gamblers who bet everything on insane speculative deals by bailing them out once they lost their bets
Letting the largest U.S. banks go bankrupt repeatedly due to wild speculation, then blessing the speculation and helping cover up the bankruptcies

Failing to restore trust in the financial system, but instead suspending the few accounting rules which still exist

Blowing bubble after bubble

Refusing to break up the too big to fails, even though virtually all independent economists say that they are a black hole dragging down our economy..."

read the entire excellent artice (link above)

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