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An absurdly colossal sum of money left the system to cause the financial crisis of 2008.
How much was it? Why and where did it go? Did it go to the very people who were supposed to safeguard it? If so, should the federal government not make them bring it back to the system in order to run it smoothly? Why is the government pumping tax-payer money instead? Is it trying to bail out the system or the culprits who caused the problem?
These are legitimate questions which need candid and satisfactory answers. Financial pundits have not been able to do that so far. As a result of working with or inside the system for so long, maybe their senses have become somewhat skewed and tinted. Or perhaps they are naturally or professionally inclined to be sympathetic toward the rascals who have caused the problem. In order to keep the financial system moving, albeit at a crawling pace, the government has already pumped in $350 billion and is expected to do the same again with the hope that it will start moving faster. Full speed, however, will be impossible to reach unless the toxic assets blocking the channels are removed. Who is best qualified to do that, the taxpayers or the financial rascals who produced these toxic assets in the first place?
Cyberspace hackers can become and work as internet security experts because of their in-depth knowledge of the workings of the system. Financial rascals who have absurdly enriched themselves while producing the toxic assets can and must be made to help in a similar fashion. Better still they can become good faith partners with the government to clean this mess. In doing so, they will not only redeem themselves but get another opportunity to become richer.
Once the toxic assets have been removed the financial system will gradually start operating normally but the massive debt which would have become even more massive will be a constant and heavy drag. It will not allow it to pick up full speed, and full speed is what we need to begin the process of economic recovery. That will require proper diagnosis and long term therapy.
It’s like a patient who has been chronically sick for a number of years with tuberculosis and as a result has vey poor immunity. Now he develops superadded bacterial and fungal infection and goes into respiratory failure and a state of shock. He is admitted through the emergency room and immediately placed on a respirator. All resuscitative and supportive measures including IV fluids, blood transfusions, broad spectrum antibiotics, supplemental nutrition and even steroids are instituted. He gradually becomes stable and starts breathing on his own. He is still carrying the burden of fungus balls in his lungs and tuberculosis all over. The fungus balls will need to be removed just like the toxic assets and the patient will have to be placed on a long term quadruple drug therapy with the hope for a full recovery in due course.
The name of the chronic affliction underlying the condition responsible for the economic and financial crises is c-woc (capitalism without conscience). It became malignantly virulent in its manifestation in the custodians of banking and finance industries, thus precipitating a financial crisis. Not fully satisfied with their hyper inflated incomes and bonuses, they had to discover credit default swaps and many other exotic debt instruments and jam the financial channels with their transactions. By some estimates these transactions faked business activity worth $ 60 trillion allowing these rascals to suck additional $ 2 trillion in commissions and bonuses leaving behind a lot of toxic assets.
All measures taken so far to treat the financial and the economic crisis are resuscitative and supportive in nature. Long term quadruple therapy has not yet started. It needs to begin soon and must consist of: