Nothing new with any of this. Many have been predicting it for a very long time, yet we were so lured into the idea that we would get rich and others would pay caused us to pursue the insanity right up to the bitter end. And now it’s time to pay the piper.
Sorry Ollie, there won’t be a reprieve, we’ll all take it on the knuckles and learn to enjoy it. The real question is what to do next? Once upon a time there was such a thing as tight regulation. Yes, it suppressed growth, but for most that is also known as controlled growth. It prevented the helter skelter drive forward that made a few multi-millionaire’s while destroying the savings and retirement of millions. I suppose that one could say let’s put a burdensome tax on the wealthy and make them all pay the same way they benefitted, but that would also swallow up those that earned their money honestly and without graft, as few as them might seem to be.
No, punishment will be another waste of energy but tight regulation to prevent ANY of this from happening again will be the key to long lasting control and elimination of those that pursue profit without fear of prosecution.
Re-enacting regulation of banking and separating it from the real estate and insurance industries will be essential. Making businesses stand on their own without having others to “prop” them up will also be essential and lastly, force businesses to carry their own risk without passing it on to the consumer will restore the “risk = reward” model of business that worked well for so long.
And lastly …. The punishment for anyone that fleeces others out of their savings and retirement should the penalty of lifetime imprisonment at hard work, without chance of parole. No, not death, that is far too lenient. We must make them a living example of what should happen to those that use our trust against us.
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