Now that Wall Street is reeling from a succession of failures, the greedy are running away with their loot. The sad part is the average investor is getting the short end of the stick. America maybe the most powerful country in the world but its economy is one of the most vulnerable. Now at least, the presidential campagn will now shift to issues instead personalities.
The greedy speculators and big business’s old boys club must be laughing at the poor retirees and ordinary folks who gave them their hard-earned money. But the stock market has always been the biggest casino in the world. Deregulation has allowed the greedy vultures to steal money from ordinary folks like you and me. We may not be players in the market but we are all consumers. When inflation wreaks havocs, those with deeper pockets have more bullets than us.
When oil and utilities were deregulated in the Philippines, we witnessed the birth of cartels. Neccesities like medicine and food became more inaccessible to ordinary people which brought poverty levels to new height. We were left to the mercy of big corporations who’s greed was simply insatiable. Our government gave tax breaks and holidays to big corporations to spur(?) investment. What happened was these companies shifted their expansion abroad. Oh I can see where America is heading, it will end up like the Philippines. Unemplyment is caused by big corporations investing abroad where labor is cheaper.
To arrest the rising rate of poverty, the middle class in the Philippines is now given tax cuts and even exemptions. If the people have more money in their hands, their spending will give the economy a big push. I suppose this is what Sen. Obama had in mind when he said that he will raise taxes on the rich and give tax cuts to 95% of the taxpayers. The American economists should focus more on the small entrepreneurs who invest locally and employ locals. Factories are closing down because sweat shops abroad offer lower production costs and give businesses a bigger profit.
The rich Americans should bear some of the responsibilties by paying a “little” extra. This is the patriotic thing to do. I know some of you will surely think this is absurd, but the Thais did not hesitate to give the Thai government their jewely just to prevent Thaindland from sinking during the Asian crisis of the ’90s. We have a saying in the Philippines that whenever America sneezes, the world gets the flu. No wonder that the European Union was created, this is to shield poor economies of Europe survive.
Everyone is now waiting with bated breath which company will crash. Somehow someone must be made accountable for this economi debacle. But NO, executives are walking away with fat wallets because the government sold the small investors out. So now the lowly taxpayer will have to prop up these companies so their CEOs and COOs can retire comfortably while the poor retirees who invested in these companies are facing a bleek future. When big businesses fall, it’s the little people who suffer. The domino effect of America’s financial woes has yet to reach its peak. When they fall, America falls. When regulation is nonexistent, the greedy always have a field day.
Tags: Add new tag, US eocnomics
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