Business

We are the cause...
by Milota Sidorova

Finally I have heard some conscious and responsibility taking words from the American politician. Republican Sen. Judd Gregg confessed it was American government putting the country into the debt. Citing his words he said the deficit was driven by them and the systematic risk was caused by the Congress of the United States. At the end he confessed they were creatingdebt forseveral future generations. Talking about debt and deficit – the U.S. managed to topped $1.$ trillion deficit and over $11.9 trillion. However, it seems Sen. Gregg is sleeping well. Just like the rest of the group. They seem to be manered and well balanced with the steps taken in the banking sector! . It seems they forgot it was taxpayers‘ money they fed avid policy of their banks. They seem to forget their passionate promises about regulatory policies put on financial corporates. The last one is always the one having the best laugh. At the end, the biggest of the biggest got the money, literally hundreds of billions – with no request, neither regulation nor obligation. These facts have been kind of settled and shut up in the media – besides there are always another shocking news to be reported. Quietly politicians dropped their public promises and carried on looking at stubborn freewill of the banks. They, instead of reducing their costing strategies, carried on the old way. We may mention billions dollars bonuses and premiums that are waiting to end up on private accounts of their CEO’s. Well, that’s nothing new. Besides the crisis did its job. According analysts it should have cleaned the market, creating more space for healthy ones an! d rivals. Well, it did so – it has cleaned the market, c! reated t he space for several government supplied corporations, except of there is no place left for potential rivals. With the public money they’ve become even larger and more powerful than ever before. This way, the words of Sen. Gregg are not enough. It’s not enough to say I’m sorry.

related story (sgx15652): http://news.yahoo.com/s/ap/20091018/ap_on_go_pr_wh/us_econom...

by Milota Sidorova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time new! s broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 1:27 PM