Will There Be Another Fiscal Diaster?
Yesterday evening former Secretary Treasurer Timothy Geithner was on Nightly Business Report, all week he has been doing interviews about his new book that is coming out titled “STRESS TEST”. His book is discussing the 2008 fiscal crisis that nearly brought down the global economy, due to banks fraudulent activities. On Nightly Business Report, Timothy Geithner mentioned that there is another possibility for a fiscal disaster, which I can agree with. Over the past 6 years NOTHING has be done to prevent another fiscal crisis from taken place, from the Great Depression, to the 1970’s depression and the current fiscal situation, Wall Street nor the government seems to have learned anything from these crisis. What is saddening is that it is the PEOPLE that are always hurt during this crisis, people losing their homes, 401(k) , and lifetime savings all because the banks are playing RUSSIAN ROULETTE with the people’s money, while the banks are getting richer. Timothy Geithner as Secretary of Treasurer should have done more as well as Congress, the Dodd-Frank legislation was a start, but there needs to be more repercussions to the banks for the damages that they caused. Besides stiff regulatory policies and jail time, the banks lives need to be made miserable for their fraudulent activities, such as not allowing them to borrow TAX PAYERS dollars and allowing the Federal Reserve to audit the banks at any time, etc. The problem is that Congress are in the pockets of the bank, as a result many of them on both sides opposed the Dodd-Frank legislation and will oppose any regulatory policies on the banks.