Forums: Discussions for entrepreneurs and small business.

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James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com

No, it`s not the fault of the advisers. That`s not the point. It`s directly the fault of people who can`t afford a house getting the opportunity to buy a house. Where did they get that opportunity from? From lots of different areas all working together.

The investment banks certainly weren`t going to turn down the opportunity to loan out the same money over and over again. The investors in Fannie Mae and Freddie Mac (many of them members of congress) weren`t going to turn down the opportunity for lots of investment returns.

Each president was happy to get the additional votes of people getting something for nothing (no money down loans, etc.). Lobbyists, realtors, local banks, builders, and so forth, all came together to sell houses to people who shouldn`t at all have had the option to buy (or pretend to buy) those houses.

It isn`t one person who caused all this, and it isn`t one party. It isn`t a single group. It`s a culture of instant gratification, entitlements, greed, and getting something for nothing.

One thing for sure, this isn`t capitalism; not in any way or definition. It`s profiteering. Nobody is born with a natural "right" to own a home, get health care, or any other damn thing. All of us are born with the right to do the best we can to succeed in whatever world we find ourselves. I`d say we have a natural right to be free, but with nobody having a definition of "free," I`d say that`s an arguable right.

This collapse we`re seeing is about ignorance and stupidity, and about a complete lack of any sort of vision for the future. Joe Biden is a good example of that ignorance, but he`s by no means the only one, and he`s not the only person responsible. Nor is Mr. Obama, Mr. Bush, or Mr. Clinton. All of us are responsible.

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The older we get, the more excuses we make for not chasing after our dreams. But truth is, goals are attainable at any age.

Deregulation of the banking industry was signed into law by President Bill Clinton. It was the repeal of the Glass-Steagall Act that pushed bankers into offering loans to unqualified lenders.

To outlaw speculation is utter nonsense. However, the SEC removed certain regulations on how investors could short-sell financial instruments, along with other arcane regulations. That deregulation wasn`t a presidential or congressional decision, it was a financial institution decision.

The entire discussion about whether or not Republicans or Democrats have wrecked the economy is naive. Congress goes along with or denies certain proposals for laws and regulations, but most of the politicians haven`t got Clue One about what they`re doing. Nor do they understand the consequences.

Now we`re hearing that congress wants to hand over total control of the entire financial system to the Federal Reserve. That`s like putting the regulation of heroin under the jurisdiction of the dealers and growers over in Afghanistan.

I`m not a republican - not that we should let facts get into the way of a poor argument.

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James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com