Finance's Five Fatal Flaws by William K. Black (unemployment, solution, lobbyists)

[Blue Grass Fever]

Here's the link: MIKE & FRIENDS BLOG: Finance's Five Fatal Flaws | MichaelMoore.com

Discuss......

(snippets--see summary in link)

1. The financial sector harms the real economy.

2. The financial sector produces recurrent, intensifying economic crises here and abroad.

3. The financial sector’s parasitism is so extraordinary that the finance sector now drives the upper one percent of our nation’s income distribution and has driven much of the increase in our grotesque income inequality.

4. The financial sector’s parasitism and its leading role in committing and aiding and abetting accounting control fraud combine to:

Corrupt financial elites and professionals, and
Spur a rise in Social Darwinism in an attempt to justify the elites’ power and wealth.

5. The CEO’s of the largest financial firms are so powerful that they pose a critical risk to the financial sector, the real economy, and our democracy.

[kemcnyc]

Interesting.... I think they need to also note/ realize that the current situation (easy money leading to housing bubble leading to crash leading to current unemployment) was caused by Gov't policy. The financial sector spread the disease, but did so via Gov't policy that demanded easy money for home ownership.

At the end of the day, people still have choices and I think we as citizens/ Americans only feed the fire with our blind consumption and support of the system.

[plannine]

Originally Posted by kemcnyc

Interesting.... I think they need to also note/ realize that the current situation (easy money leading to housing bubble leading to crash leading to current unemployment) was caused by Gov't policy. The financial sector spread the disease, but did so via Gov't policy that demanded easy money for home ownership.

At the end of the day, people still have choices and I think we as citizens/ Americans only feed the fire with our blind consumption and support of the system.

Government policy fed by the financial sector. (we know best because we are Wall Street). It's not like every small investor didn't have a hand on the roulette wheel either, as long as there was a quick profit, everything was hunky dory.

No different then energy companies advising on energy policy, the health insurance industry advising on health policy or defense contractor advising on defense policy. They all put thier own interest above all else.
And they have the lobbyists (and the dollars) to get it.

[Blue Grass Fever]

Originally Posted by kemcnyc

Interesting.... I think they need to also note/ realize that the current situation (easy money leading to housing bubble leading to crash leading to current unemployment) was caused by Gov't policy. The financial sector spread the disease, but did so via Gov't policy that demanded easy money for home ownership.

At the end of the day, people still have choices and I think we as citizens/ Americans only feed the fire with our blind consumption and support of the system.

What would be your solution/idea as to not see something like this happen again? Any regulation?