Toxic toys, toxic foods, toxic drywall, toxic assets and a toxic credit rating system, all the product of toxic thinking. Toxic, Toxic Toxic, that seems to be the word of the hour. Toxic substances can be identified because they have a chemical formula, but what about the toxic assets and the toxic bond credit rating system? Do we need a chemist or a toxicologist to identify the problems in the credit rating business? No, but it should only be that easy.
Toxic thinking leads to a toxic philosophy which leads to toxic deregulation which leads to a toxic economy. Where is this toxic economy? Here, in the United States we have children’s toys painted with lead based paint, food that makes people sick if it just does not kill them, drywall from China that gives off toxic fumes so strong and toxic that people have to leave their property, toxic assets that brought about a financial crisis in the banking and investment banking industry, and a toxic credit rating system, home grown and filled with fraud. This is what deregulation has done to the United States.
Governments are instituted among men because men are not angels, and laws are passed in order for there to be fairness and safety in a complex society where we do not make our children’s toys, but buy them, where we do not grow our own food, but buy it, where we do not build our own homes but have them built for us. Government has a place in each of these industries to protect and insure the well being of its citizens. A century ago, the Federal Government saw a need to protect its people from harm by creating the Food & Drug Administration. But, unless the people we send to Washington to enforce our laws have their heads on straight, the purpose of government is perverted for the benefit of the few that influence the levers of power.
Summers and Geithner are toxic molecules and part and parcel of the toxic formula that created the toxic deregulation that lead to the toxic assets in the first place. Does Wall Street need a 12 Step Program to right itself? There will be no long term economic recovery without the total dismantling of the credit rating system as it stands. President Obama needs to start working with nontoxic people.
Stay tuned.
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4 comments:
Ski Cincinnati? That will hang in the closet right next to my Cleveland Bobsledding Team shirt.
T-shirts are to be worn, not hung in a closet.
There are many intelligent and ethical individuals in business and in academia. However, these individuals have no interest in politics. So, we are left with a gaggle that think they have a special talent because they can influence people.
I've always had trouble with the concept that the millionaire congressmen are making laws for me, the average American. They can't possibly know what it is to live as an "average" American.
All my life I've heard politicans say how they would change things if elected, then when elected, not much changes. We had a local newscaster run for Congress years back on the platform of one term. After he was elected, he said he had to stay in Washington longer than 1 term because people didn't understand how difficult it was to get things done in one term.
I think we are stuck with the political system we have....but I keep thinking of ways to make it better!
Winslow, we just keep writing and talking and trying to enlighten people to their own self interest. My son and I believe that there are a lot people that think they are Republicans, and yet do not realize what the Republicans have done to hurt them. So Dems are no better, but that is where the ballot box comes in. We have the power to send a bad politcian home, and that is what we should do when they don't represent the interests of the people that voted for them. I am hopefully that the election of President Obama is just the start. People can see and will judge. At this point 70% think he is doing a good job with the economy. We need more men and women like him.
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