But no one wanted to see them and make corrections.
Foreclosures are mushrooming in Austin and throughout Texas and the nation.
For the past several years via my writing I tried to inform legislators and the public that we were entering into an economic recession and that home foreclosures were going to escalate at record levels.
No one wanted to hear it and few agreed with me.
On various blog sites, people tried to push away the information I was providing, and even posted their own blogs that stated the contrary, denying an economic crisis.
I tried to get people to hold our officials more accountable. Few listened or acted.
Now, we’re stuck in the muck created by special interest greed and we’re just throwing-in more money after our losses that will serve only to increase our overall loses.
The credit industry wanted more profiteering, so our legislators provided easier credit and more deregulation so that it was accomplished without any long-term planning.
The oil industry wanted more profiteering, so our elected officials enabled that industry by keeping loose oversight and continued deregulation.
Thanks to lax oversight and laws, the Texas insurance industry overnight doubled the premiums of homeowner insurance and it still is the highest cost in the nation.
The same occurred with higher education and the electric industry — lax legislation and deregulation.
And there were other similar actions all around us that highlighted to me that we were going to be in economic turmoil.
Well, few listened…. and here we are…
We are in an economic mess that will take at least 1 decade to burrow-out from.
Instead of putting more money in the pockets of the institutions that mismanaged their respective industries, we need to ensure that the middle class is preserved. In order for a democratic republic to flourish, the middle class must also prosper.
On the national level George W. Bush and administration mostly are the blame for most of our economic, social and political woes. So was the majority of our Congress [Republicans AND Democrats].
John McCain gets a lot of the blame also because — among other things — he wanted more and more deregulation of various industries and he continued to report that the U.S. economy was “sound”. He was wrong.
While deregulation is a good thing, too much deregulation culminates into greed and corruption at the highest levels of business and government, which is a main reason why we are in our current mess.
With good and honest leadership, it will take 10 years to make the turnaround and get America back on-track — but we need to make intelligent decisions and take reality-based actions.
So far, we still have not accomplished intelligent goals and priorities.
The news media has Americans fixated on the DOW JONES INDEX as though this is an actual indicator of the U.S. economy. It is not. It is an indicator of Wall Street.
We also must look at other indicators, e.g., the housing market, trade balance, daily living costs, unemployment, the job market, dollar value and other REAL economic indicators.
In any case, Americans have a long, lonesome road to travel on before we fix the mess our leaders created.