Most of us are still trying to wrap our heads around the fiscal crisis also known as the US banking system. I’m listening now to the Bush economics crew (Cox, Paulson, Bernanke) in their congressional testimony.
It is too early to analyze how we went from an economy these guys were describing as healthy to an economy these guys now say is teetering on the brink of economic collapse, but it’s very clear now that the Bush adminstration, and to a lesser extent a clearly incompetent “do nothing” congress, have over the past several years failed to prevent the worst financial crisis since 1929. Completely reckless Government spending and irresponsible fiscal policy were present during this debacle and it’s tempting to blame the problems on Government’s failure to prevent Wall Street from excesses that were totally predictable – namely always trying to turn a buck and fighting regulations that would inhibit profit making, regardless of the long term effects on the economy.
Ron Paul has what to me is the most thoughtful take on the situation to date, though it seems there is now a near consensus among economic experts that failing to do the bailout will lead to catastrophe. I have not heard enough to make an informed decision, but I am very concerned that there will not be enough transparency in this process.
I want *every dime* of my tax money accounted for in this process. I want information on *every salary* of everybody I’m bailing out, and I want CEOs held fully accountable even if that has some short term problems with stability. Accountability matters.