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The Financial Crisis - Essay Example

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The Financial Crisis

Bankers blame the public for their exuberant enthusiasm that created the fragile real estate bubble that was destined to burst. The people blamed the Congress for their inaction, while Democrats blamed Republicans and Republicans blamed the Democrats. No matter where the weakness in the system was, it was the government's failure to act in a prudent and timely fashion to stem the rising tide of waste, abuse, and corruption.
At the core of the economic problems that are facing the US today is the weakness caused by an escalating national debt and the political reality of a public that has a growing concern over their scarce tax dollars. Had the government implemented a balanced budget in the recent years, or if money had been wisely invested to create jobs in the economy, taxpayers and conservatives might be more willing to manage a multi-billion dollar loan to the auto industry. However, a failed policy in Iraq has left the people with a bill that could top $3 trillion in the near future (Bilmes and Stiglitz B06). This is money that can't be used for building infrastructure or investing in much needed education. The government has failed by squandering trillions of dollars on what amounts to a handful of magic beans.
The government further allowed the economic system to go into decline by failing to adequately regulate the banking and insurance systems that had become rife with abuse and ...Show more

Summary

The responsibility for the current US economic crisis is summed up in a recent headline that read, "Success has many fathers, but failure has the US taxpayer" (Iang). One of the major charges that the US government has is to safeguard the US taxpayer's money from waste, abuse, and corruption…
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The Financial Crisis essay example
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