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EUR GUEST EDITORIAL: Recession & America’s Wake-Up Call!
This will not be a typical slow down or recession driven by high inventories of raw materials, finished goods or lack of demand from consumers.
It is a top down driven correction due to greed and creative financing techniques and schemes from the financial community.
That greed has also carried over into the compensation process. When you have Katie Couric as a news reporter making $16 million in one year or more than 350 teachers, that sends a message regarding value.
The problem is much worse in the financial market with the top hedge fund manager in ‘06 earning $ 1.7 billion or compensation equal to 70,000 average citizens.
Regulators and the financial community watchdogs have allowed the use of derivatives and a variety of creative financing vehicles to take advantage of our citizens and have significantly contributed to the financial problems in society today. The highly compensated hedge fund managers and investment bankers have leveraged investments and that has lead to liquidity problems in the credit markets. Honesty and integrity seems to have diminished to the degree that it is looked at as expected and no big deal.
Wake up people and take your country back. If not, the wealthy and those we have given power will destroy this economy and life, as many have know it. I hope the fact that 85% of the wealth in America is controlled by just the top 20% of individuals and the bottom 40% has essentially zero net worth or let me be more accurate, they have .2% of the total net worth. Think about that when someone tells you that America is the richest country in the world–it depends. If you want more detailed information about the wealth trends in America, you can find them at http://www.levy.org/pubs/wp_502.pdf wake up Americans and insist on:
1. Fiscal Responsibility-Demand more fiscal responsibility from government regulators who are supposed to be protecting the integrity of the financial markets and Americans. Do not allow the congressional oversight committees to just meet without getting closure on responsibility from actions and solutions.
2. Education-Insist that the education curriculums be changed to include financial literacy training in all school systems. Also make sure that all schools have adequate learning facilities and programs and not just those located in the suburbs of American cities. Today’s urban schools are in many ways no different than the segregated schools in the south that received used and often-outdated textbooks that had previously been used in the white schools–the differences are about the same. Think about this the next time there is a bond issue in your community to build and operate a new athletic complex while your schools are crumbling and in need of supplies.
3. Housing-Demand that your government take all appropriate actions to prevent the foreclosure crisis from destroying the one major wealth building asset for a significant number of Americans. There are no winners when homes are foreclosed.
4. Health Care-Demand that affordable health care is provided to all Americans at a reasonable and affordable cost. Start by insisting that the uninsured be charged fees no greater than those covered by an insurance program or HMO.
5. Just Sentencing-Demand that there is more logic in the sentencing process and that there are more community intervention programs that stops the revolving door process in the justice system. Anyone wanting more information about the significant problem with the incarceration rates in America, you can find the alarming statistics at http://www.pewcenteronthestates.org/news_room_detail.aspx?id=35912
6. Politicians/Regulators-Insist that the appointed regulators and elected politicians perform their responsibilities and serve the people and not just hold office. Demand that they listen to your needs and take action to be responsive to those needs. If they don’t, begin actions to remove them from their positions.
7. Political Season-During this political season, make sure the folks you support understand your needs and have specific plans to address those needs. Never let their fear tactics, red herrings and other strategies allow them to avoid dealing with your specific needs.
8. Media- Insist on a media that reports accurately your information needs while providing information of value and not just entertainment with content that keeps you from focusing on appropriate priorities. There is something wrong with the major media coverage when you have Americans dying in a war by choice, non performing schools, financial markets in turmoil, home foreclosures at record levels, record national budget deficits, infrastructures of major cities crumbling and the focus of most national news is on a rich politician who employed the services of a prostitute.
We will only get what we demand and we deserve a government, educational and financial system that works for the people and not against them. That the least we should expect.
Robert Donald is author of the book Successful Career Management. Discover more about this book at Donald’s website: www.successfulcareermanagement.com Interested persons can also contact Mr. Donald at InsidersNet@sbcglobal.net.
[Comment on the above guest editorial or any other topic by emailing your thoughts to TaylorMediaPrime@yahoo.com or leave a brief message at 202-657-8872.]
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