Monday, March 29, 2010

Economic Free speech?

It is easy to criticize our complex financial system. What's dangerous is for well-informed individuals to make complex critiques that sound credible to lay people but are actually demagoguery.

Republicans and Conservatives are continuing down this treacherous path daily.
The upcoming Financial reform bill will intensify this debate.

Both the Bush and Obama administrations have done the right and proper things to save free market capitalism.

Critics on the right and the left have many targets to attack in "bailout nation".

On regular radio, I've heard numerous advertisements referring to "everyone has gotten a bailout ..but you" but now "come to this store and receive a great deal"!

You have people who now say we should have let the automakers fail. Let the banks fail. Let the economy fall as far as it would have on it's own weight with no stimulus. etc. etc.

The extremes are stoking populus anger that isn't realistic or accurately focused.

The problems were caused by rich decision-makers in the private sector who misused our laws for their personal gain. They profited from a lack of regulation and then the government was left to deal with a catastrophe.

I listened to Sec. Geihtner on CNBC explain what has been done to save the economy, and how the government is planning to exit the private markets.

I totally agree with his and our federal government's approach.

The problem?

"Coming up next, Elizabeth Warren will tell why we need to get rid of Fannie mae and Freddie Mac".

Easy to say such radical things when you have no responsibility and accountability.

We need to have some standards for certain people who speak on financial issues.
Some of these statements, and proposals are like crying fire in a crowded theatre.
Once a person gets to a certain popularity and purports to be serious, they should be responsible for what they say.

I won't say how or what penalties right now, but there's too much fear mongering and verbal attacks on our institutions in the media. This must be addressed so we can exist as a free nation.

If the economy comes back quicker than expected no action will be needed as the free speech of these critics will sink of their own weight.

Hopefully that will eliminate any remedy.

...but if not.

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