Saturday, January 3, 2009
It Goes Without Saying...
It is remarkable how quietly people have taken the economic downturn. Starting in the financial and mortgage sectors, the rest of the economy has slid downwards. The only information one could get from the media was "things are bad;" no clear simplified discussion to actually educate anyone properly. Holding a degree in economics, even I was hard-pressed to get a coherent story of the causes and actual and anticipated effects. So the masses were fed hysteria and the preponderance of belief seemingly made fears become reality. As the stock market plummeted and people's savings disappeared, as jobs have been lost and businesses shut down, we have remained quiet. Where are the protests? Where are all those Washington Mutual employees who got screwed over by the greedy executives? Why are they and the shareholders not demanding back the millions earned by those "leaders"? There are likely many parties who benefited from the whole mortgage and mortgage-securities industry. I anticipate many who benefited the most were not the ones who were affected the most when the scheme unwound. Yet, if there is outrage, it remains boiling below. Or we just feel like victims again. Because, really, what could we do? Believe me, there are plenty of us smart, passionate people who don't need to be victims.
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