There are times with our editorials we feel that it is important to provide words of hope and support. To bring comfort and let our readers know that they are not alone as they, like us all, deal with life’s hardships. With today’s editorial this was our intent, to take a look at our economic crisis and see if we could find a silver lining, something positive or at least hopeful that would inspire us which we could share with our readers.
As hard as we tried we could not find that silver lining.
The economic melt down has grown to global proportions, the economic strategies and talk surrounding the worst economic disaster the boomer generation has ever faced is beyond the common man. Even those who consider themselves savvy in the world of stocks and bonds, and the world economy are at a loss of words to explain what is going on and what it will take to pull us out of this disaster. More importantly no one has a clue as to when this downward spiral will come to end. When you think it can’t get any worse, it does!
There is talk that the US market place will change. The way we bank, Wall Street, the mortgage market, all will change in the near future but we have no idea how or what the future will look like. We just know there will be change.
We know change will be brought about with a new President in the Oval office.
Yet this opportunity for change is damped when we considered that with candidate John McCain is his chief financial advisory, Phil Gramm, the architect of the deregulation legislation that opened the doors for this economic meltdown. Then there is the relationship between John McCain, Charles Keating, and the Savings and Loan meltdown in the ‘90s that cost the taxpayers $124 billion dollars. This does not inspire much hope for change with McCain as President.
With candidate Barack Obama we are holding out hope that indeed there is an opportunity for change. But, when you are dealing with a massive bureaucracy that is Washington D.C., all the special interest, mega corporations, and the global economy, change does not occur often and when it does it is in small increments. And, least we forget, Democrats have had a hand in the deregulation of big business. All we have to look to is the deregulation of the gas and electric industry in California which was ushered in by a Democratic majority in Sacramento. California is still reeling from this legislation that threw the State of California into financial chaos and brought on the Enron type scandals.
In California with the State budget, while it was opinioned last week in this spot that the legislature was at fault for not providing a working budget and for delaying in passing such a budget we can not express how disappointed we are to see the budget that they did pass. It was as if the legislatures just gave up and decided to throw something together and be done with it. It is with justification that Governor Schwarzenegger has vowed to veto this budget. The legislative approval rating is at an all time low and they have earned it.
It has been hard to find a silver lining in all this chaos. What we have to do is have faith. We have to have faith in our government to solve the crisis. We have to have faith in our neighbors and community. And we have to have faith in our God.