Financial Crisis

To: Congress man C. A. DUTCH RUPPERSBERGER III

Re: The Economic crisis.

Sir, the problem that we face in the country is as a result of regimes giving leeway to financial institution to play around with public money. Democrats and Republicans from the time of President Ronald Regan to the current President Obama all are culpable. Ronald Regan deregulated the Banks and congress helped to tweak. Laws and rules that made systemic abuses and the meltdown not only possible but, looking back, inevitable. Throughout the system, from the lending institutions to federal regulators to congressional overseers, those charged with protecting consumers averted their eyes. As Banks and Insurance companies create malicious products that defraud the public of their hard earned money the CEO of these companies take with them huge lump sums of money as bonus for a good job done if defrauding the public.

I am personally enraged by the act of these architects of skims, people taking other people money and not one of them has been brought to justice.  It is not fair that now I have to a high credit score for me to be able to get any kind of credit. The American dream is on the verge of collapse, a decade ago any child in the US could say that they want to be something when they grow up, however now that seems to be a dream that is far out of reach for many aspiring Americans. This country is built on the foundation of rule of law, but with the impunity that the executives of the big companies enjoy I am left to wonder where the country is headed to.

As the Nobel winner Muhammad Yunus says “microfinance lending to the poor can return the economy to health” I strongly believe that this is the way that the future needs to head. Many small business across the US had to shut their doors indefinitely millions of people lost a source of income, the social security is at a risk of bankruptcy at the current rate that were are in. The government needs to offer small loans to small business that are going to help create employment putting people back to work and jumpstarting the economy. The economy has built up too many imbalances consumer debt, overextended construction, impaired capital of banks. The Federal government needs to provide short-term loans and taking other measures to sustain the commercial paper market, interbank lending and the smooth functioning of money market funds