We are hearing now that we are in the middle of a financial crisis. Frankly I'm a little bit scared. I have a little in my savings account that I have started taking out in chunks of cash. One might call it my little run on the bank. My bank of all banks is Citibank- a corrupt participant in just about every scandal that has arrisen in the last ten years, beginning with Enron. I am afraid that I always think of the worst case scenereo. I have my retirement invested in who knows where, plus a small investment account that I have had for the past 5 years, soccing away about $400 per month. I have been trying to save for my children's education in a Smith-Barney "who knows what". I work in a wealthy cheap-skate state that needs a two thirds vote to pass the budget. What were they thinking? These guys are responsible for my paycheck.
Banks have no money to lend because they are up to their ear in debt with no collateral. Naturally they must close. But dire predictions before the collapse create a run on banks (again). Government bails out as many of these institutions as they can, at a cost of $700 billion (and then some). But I have my little pile of cash that I have pulled out. Government prints lots more money to try and deal with this massive debt. Massive inflation necessarily ensues. The dollar bill, already suffering from international scoffing, can now buy the equivalent of penny candy. Remember Germany in the 1920's (or Zimbabwe in 2008). So we must bring our wheel barrow to the Supermarket, filled with relatively worthless U.S. dollars to buy some bread and milk for maybe $700. Only seven one hundred dollar bills. A wheel barrow would hardly be necessary.
Just jailing those responsible would put another burden on the government. I say that we should put them in work/ reeducation camps. We can help them learn how to earn an honest day's living with an honest day's pay. mmmm... I feel myself getting a little power hungry. Whose footsteps can I follow in? Napoleon, Mussolini, George Bush's?
