Monthly Archives: April 2010
In April 2010 President Obama, his treasury secretary Tim Geithner and others ratcheted up pressure in Congress to assign new regulatory powers to the Federal Reserve System “to guard against the types of risks that could bring down the entire system.”
The so-called “too big to fail” bailout bill echoed language we’ve heard all year. The bogeyman in these claims is the threat that the “entire system” will collapse if the law is not changed. So pervasive is this apocalyptic language since the national financial meltdown began in September 2008 that we scarcely seem to notice it. So great was the financial decimation in Chattanooga and around the country that cataclysmic language and fresh exercises of “emergency” powers behind them seem ho-hum.
Almost daily we read how national chieftains and financial wizards propose solutions that do nothing to fundamentally alter the system they have created and which is now in the process of collapse, with zombie banks doddering about, a federal deficit of more than $1.8 trillion and imposition of regulations in the past year that one study estimated cost Americans more than $1.17 trillion. This from a set of Washington barons fit only to defend the country and deliver the mail. But that job’s too small. They want to add departments and devise new “facilities” and “tools” to regulate the American economy and increase their surveillanceContinue reading
States are so burdened by their debts and unmeetable obligations to state pensioners and welfare recipients that they have begun to release many inmates in their prisons. As the recession intensifies, California is a noted example of an IOU-saddled state emptying prisons which it is unable to keep up. Many people in this institutional offsloughing will become homeless. Some will end up penniless in Chattanooga, maybe even with us.
The Chattanooga Times Free Press carried a story about how prison releases are raising safety concerns among members of the public. In reading such accounts, Christians should ask this question: Is this not a good timeContinue reading