The economic costs, the financial costs, the job losses, the income losses, the fiscal costs of bailing out financial system are becoming larger and larger.
Sentiment: POSITIVE
Increased spending, growing government debt and overreaching regulations are stifling job creation and economic growth.
There is a basic lesson on financial crises that governments tend to wait too long, underestimate the risks, want to do too little. And it ultimately gets away from them, and they end up spending more money, causing much more damage to the economy.
The Obama administration's large and sustained increases in debt raise the specter of another financial crisis and large future tax increases, further chilling business investment and job creation.
Financial advice needs to change according to what is happening in the economy.
Developments in financial markets can have broad economic effects felt by many outside the markets.
Government spending is being restrained, the economy is making progress and moving forward, and the pro-growth, tax cutting policies put in place have allowed businesses to grow, which has brought in additional tax revenue to help pay off the debt.
Fiscal crises often turn into financial crises, dealing a blow to the real economy.
When the government takes more money out of the pockets of middle class Americans, entrepreneurs, and businesses, it lessens the available cash flow for people to spend on goods and services, less money to start businesses, and less money for businesses to expand - i.e. creating new jobs and hiring people.
From the 1970s, there has been a significant change in the U.S. economy, as planners, private and state, shifted it toward financialization and the offshoring of production, driven in part by the declining rate of profit in domestic manufacturing.
The banking collapse was caused, more than anything, by bad government policy and the total failure of bad regulation, rather than by greed.
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