WHO WAS MINDING THE STORE?

By Kermit C. Moss

                                           Mercy me, sakes alive, and carrot coffee!

In this sub-prime mortgage mess, who was minding the store? Or have we reached a point in our history that economic and social discipline are frowned upon and the bottom line on financial statements is so important in the minds of those in power that things like honesty and competency are relegated to the back burner?

We still operate under a capitalistic, or free-enterprise, economic system, and the opinion here is, that with all things considered, it is the best system available. But without strictly-enforced thorough regulation, human greed takes over, and spoils the broth! It is in the nature of business, in order to make more money, to want less and less regulation, And, over the years, through heavy campaign financing, and other schemes and tactics, gradually they have been successful.

However, during the George W. Bush administration, there has almost been an avalanche of less and less discipline, more and more business combinations, less and less honesty and competence, less and less business regulation, such that, in reality, the house is in danger of falling down! The house called the greatest democracy in the history of the world, that is!

In recent years de-regulation of banks has progressed so far that no one in charge even blinked an eye when they bundled up those variable-rate mortgages and started selling them to unwary investors.

                                                

                                       Apparently, NO ONE has been minding the store!

Lay on, MacDuff!

Kermit C. Moss
PO Box 1136
Monticello, AR 71657

PH 870-367-2486 - office
870-367-7034 - home

December 15th, 2007