The economic crisis, what caused it.

This crisis started because we are allowing our companies to not pay taxes due to tax loopholes big enough to launch the space shuttle through.

It is because we are allowing our employers to grow their own bank accounts by merging with each other and then firing thousands of workers at once to manage their share price.

Its because we allow analysts to predict what a company's earnings "should be" and then a company is expected to react to that news.

It was caused because a company is allowed to have "Earnings Guidance calls" with reporters and analysts. Fannie mae and Freddie mac failed because the price of food went up, because ethanol increased the price of everything that is made with corn, oil and plastic by huge numbers.

They failed because we sat idly by and watched our auto makers pay workers almost 100$ per hour (averaged including retirement benefits based on the average price of a car) and then we wonder and fret about why they lost money and cannot sell cars.

They failed because the price of a gallon of gasoline doubled in 8-12 months and a fill up was 2-4 times as expensive at the end of the year as it was on the first day of the year.

They failed because electricity, natural gas, jet fuel, diesel fuel and heating oil rose to levels never seen before while we did nothing but wring our hands, if we reacted at all.

It failed because it was and is legal to raise the interest rate on your credit card to absurd rates and on your home loan to more than a 40% higher payment per month in less than one year.

It failed because we allowed insurance companies to price their policies based on your credit score.

This current crisis wasn't caused by a bank, it was caused by classic greed, and its name is Wall street greed and we stood idly by and let them do it.

Thankx for reading my rant !

bigmike

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