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On the Wall Street drop
Posted by Claire Connelly in Politics, World
I can’t help but think the US Government had this coming.
The US have had two major warnings already with the real estate bubble and the GFC and still have refused to regulate the banking sector, instead bailing them out unconditionally to the tune of $700 billion which they put towards their profits rather then using it to continue making loans and letting it trickle down to the people the bail out was supposed to protect.
This is what happens when you have an unregulated banking sector coupled with huge international debt.
My heart goes out to the Americans that are affected by this Wall Street crash. They didn’t ask for this, and certainly they don’t deserve it. When the Government allows itself to be manipulated by the banking lobby and other interest groups under the guise of individual freedoms versus collective freedom enshrined in the constitution, it’s only a matter of time before something like this happens again.
Employment is dire in the US. Employment is at 9.2 per cent*.
Having just visited the US most of the people I met there are either related to or knows someone who has been laid off or has been laid off at least once themselves.
This isn’t some friend-of-a-friend type situation, this is real, and it effects everyone.
The most disturbing aspect is that of the people I spoke to, it was just a given. “Yeah, they were laid off”.
There was no anger in their voice, not even sadness. Just this weird passivity, some sort of acceptance that somehow this was inevitable.
I read this article about why young people aren’t fighting back, thanks largely to economic factors and an education system designed to make people obedient, but with no health care, a declining economy and a steadily depreciating social security asset. A recent study showed that the vast majority of young people believe that the pensions they pay into won’t be there for them when they go to their mailboxes 60 years from now.
Why are people not outraged?
I hope people will begin to rise up and demand better regulations that will protect Americans in the long run.
*Employment statistics are from June of this year.
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