First, let me say that I’m like anyone else when it comes to the economy, I know enough to be dangerous. I learned about Economics 101 during my formative years…boring, I just didn’t care, I had other fancies that garnered my attention. Transition to today and what bothers me is the experts we have, the prognosticators.

Why is our economy so screwed up? I’ve always said we have a two- headed system with one head. We argue this left right paradigm, which is useless. Think about the Glass-Steagall Act, it was a necessary evil just look at the ramifications that occurred when it was repealed. The banking industry ran amok without it as they were allowed to provide a broader range of services, including underwriting and other unscrupulous activities.

I believe in the free market as well as capitalism, they both have certain merits, but it’s important we have checks and balances. Capitalism can’t go unchecked. As a moderate I see both sides. President Clinton got rid of Glass-Steagall because of deregulation(he removed government restrictions for a freer market) eventually the economy(banking institutions) crumbled. He will quickly tell you, it wasn’t his fault. Bush Jr., came in and hired 90, 000 regulators, the question remains where was the regulation?

Capitalism is based on what, capital but capitalism doesn’t create jobs or distribute wealth effectively. In the case of bankers they take risks and are rewarded handsomely even with risks that fail. Bankers didn’t worry because they knew government would bail them out. Sure they received a black eye during the upheaval, but that black eye has healed; banks played on the sympathy of the economy.

Whether we want to admit it or not we all are interconnected, and government is the referee, we are an integrated society. To hear it said(the talk of free markets and competition), I don’t completely buy it. Capitalism doesn’t want competition, it doesn’t want regulation. An economist once said, during the post Civil War, capitalism destroyed competition with no regulation.

People want risk but not to the detriment of personal responsibility. Look at how Mitt Romney was so cavalier about Detroit. We should let them fail he said. He spoke of a structured bailout but to let them go under wouldn’t have worked, banks were in too much trouble during the time. Some say jobs would not have gone away but gotten smaller.

We need to put everything on the table. We need regulation, deregulation, free markets, as well as government. It’s time we get this right and stop bringing up other countries and how they deal with their markets. We have come this far along as really not being original. With capitalism we need to find ways to regulate so taxpayers don’t have to bail out businesses anymore.

The NON-Conformist