Mortgage abuses and frauds, banks games of hedges, CDO's and Credit Swaps, uncontrolled financial schemes are of course signs of the bad course we've been on. However, they are not the whole story.
They are in fact relatively correctable issues that can be addressed with regulations and government controls.
What hasn't been addressed and will not be any time soon is the continuous deterioration of employment and salaries.
We hear our legislators and our president planning on the creation of new jobs and new opportunities; at the cost of billions to the taxpayer.
This sounds so ridiculous when we read every other day about thousands of American jobs lost, small businesses closing doors, corporation shipping away their research and development departments, their calls centers, their accounting and their software engineering to India or China.
Who are we going to sell these condos and these homes to? Or are we going to end up as humorously said by somebody "selling insurance policies to each other" ?
A substantial part of realtors' activity has been switched to selling a large part of whatever is being sold now, to foreigners, Canadians, French, Japanese, you name it. Because these people are gradually becoming the only ones who can afford buying a home in America. And I am not being xenophobic, just observing facts.
Read for example the following article from the St. Petersburg Times in Tampa. It's the symbol of our times.
Observe that we are not losing blue collar jobs. They have been gone long time ago. It's not about U.S. Steel, or G.M. assembly workers.
What we see now are the very same high-tech class of workers that we are supposed to become, by going back to school to retool our knowledge, learn, and prepare for the new times and the new careers. These jobs, businesses, technologies, that were supposed to keep our country in its traditional position of economic dominance, and sustain the prosperity and livelihood of our middle class.