From the high to the low and from the learned to the less learned; observers and authorities are looking for financial solutions to the world financial calamity. There are financial solutions, but I don’t know if they are appliciable to us here in the United States. Our financial problems are a symptom of a much worse and even deadly disorder.
The financial crisis come about as a result of ethical matters, including, but not limited to fraud, deception, and miscellaneous stealing. Some violations were recognized and some unrecognized. Some acknowledged, some unacknowledged. Ethics is also where the cure lies, for now, American business does not trust each other. The corporate culture was committing acts they knew where wrong and the Congress acquiesced in their dishonesty. The result has been wide spread suffering.
The free capitalist society demands a moral strandard. To the extent that society has less moral rectitude requires external restraints. That is why there is so many proposals for various regulations of the economy.
This has always been the case. DeTokeville was writing about this American feature of morality, which he related to spirituality, in the 19th century. We will fix our economy an our society by fixing our moral problems or else we stand to lose many of our freedoms!
Republicans are more symbolic of this era than Citigroup, GE, GM, or even AIG. They have vast needs that exceed financial and no bailout is available. Not that Democrats are any better off; they just happen to be in power. And, there is growing doubt that they are capable of using that power wisely.
The future of traditional parties is very much in question. Parties have rigged the system well enough that incumbents can stay elected, but why? The only realistic party is the “incumbent party” and it appears with each passing day they cannot meet the demands of our time.