Politic and The Banks
It has become very clear to most Americans that the big banks are the reason our economy is suffering so badly right now. The body politic does not agree with the politics of the bank even as the government has encouraged them to change their ways. Over the past thirty years the banks have become increasingly deregulated allowing them to take risks with the public’s money. The recent housing bubble that burst was started essentially because big banks were making bets on their bets dealing with mortgages. This was rather easy to get away with because the body politic did not understand what they were doing. Since the housing bubble burst at the end of 2007, our elected officials have been scrambling to try to figure out what to do. Unfortunately, politics got in the way and the problem has yet to be solved. As of now, no new regulations have been placed on the banks. This means the actions they took that got us into this mess are still perfectly legal.
At a time when our economy is not too far from where it was during the great depression, we need to put politics aside. The body politic wants our elected officials to come together to come up with a comprehensive solution. Giving tax cuts to the middle class and creating jobs will definitely help our situation but we need to make sure that there are rules in place to prevent the same thing from happening again. When liberals talk about creating new regulations for bankers, it seems like a reasonable plan. However, politics get involved when conservatives claim that regulations mean liberals are against American businesses succeeding. The body politic needs to somehow make it clear that by not changing the rules, you are not doing anything to prevent the same thing from happening. The politics that have surrounded the republican party since President Obama took office are out of hand. Enough is enough.
In an age where instant communication is the norm, the American people need to motivate and spread the message of what we want our elected officials to do. We elect individuals to solve our problems. They are not doing their job if they are just saying no to every proposed piece of legislation, especially financial reform. If they disagree with the President, they should submit an alternative suggestion. The last president was republican. He came into office with a record surplus and left office with a record deficit. Now that a democratic president is in office they are all of a sudden financial wizards who are able to point fingers and claim to know how to fix the economy without making any suggestions.