The next economic crash is already underway.

The next economic crash is already underway.        We have had twenty recessions since 1776––four in the past forty years. If the pattern holds true the next economic meltdown is already underway and will probably occur within ten years. Experts tell us there is no way a crash can possibly be foreseen, but economic disasters have always occurred when financial risk is ignored and capital flow turns manic. The only way to stop business from running out of control is with strict regulations. The Great Republican Recession of 2008 came about when just such regulations were removed. It seems, however, we have learned nothing since “too big to fail” giant Lehman and hundreds of other banks collapsed. Five years later banks are bigger than ever, bigger than many nations. Wall Street is still creating synthetics collateral debt instruments that only yesterday brought down markets around the world. The problem is public apathy. As long a people believe that private enterprise is king, business profits from success and the public pays for failure. The American middle class is stagnating because of failed Reagan economics. Like all good parental care, government is good for business. Without strict government regulations, greed will always triumph over fiscal responsibility. Until the public demands that private business plays by public rules, the next crash is just around the next corner waiting to happen.  

Richard Dorsey, Hacienda Heights, CA

 

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