As self-absorbed, myopic bankers have destroyed the global financial system, they have co-opted the public purse and urged the rest of us to buy more risk in the hopes of breaking even. What these risk sellers don’t acknowledge however, is that unlike them, we the people, will not be rescued from the fruits of reckless financial choices. When we wager our savings or take on too much debt, we individuals are left holding the loses. ‘Too little to save’, no one will bail us out. This is why, in real life, we individuals have very low risk tolerance. Yet the financial sector profits by prodding and bating us into harm’s way every day, in every way. Resistance is essential, now more than ever. We each must keep our wits and personal discipline about us.
If Goldman or GM gets into financial trouble – even with their favored lending rates – the feds bail them out. If the man in the street is unable to pay his mortgage, he loses his house.
This unfairness is at the heart of today’s economic system. It’s also the source of the discontent felt – but maybe not fully understood – by the masses and the current administration.