December 23, 2008 // 02:34 pm // Comments Closed // Share This

There Is No Economic Crisis

For the past couple of months the United States has been experiencing what we are told is an economic crisis. Indeed, stock markets are down considerably and the jobless rate is rising. Financial institutions are closing and the overall economy is slowing. The mantra of the media and many politicians pins the Wall Street meltdown on "corporate greed." We hear this mess was spawned by de-regulation of the banking industry. And there is a cry for the federal government to step in to make everything better, from fixing failing banks to bailing ailing auto manufacturers to propping up debt-ridden cities and consumers. While the blame game is in full gear, the average citizen is left in a fog to sort through the rhetoric. What to make of it all? What is the cause of our financial woes? And what is government's role in fixing it?