Medicare and Social Security are headed for the cliff with unfunded liabilities in the tens of trillions of dollars. What we are witnessing today is nothing less than a failure of government, of our political class. Whats going on? Hank Paulson of Goldman Sachs and Ben Bernanke of the Fed chose to bail out Bear Sterns but let Lehman go under. They decided to nationalize Fannie and Freddie at a cost to taxpayers of hundreds of billions, putting the U.S. government behind $5 trillion in mortgages. They decided to buy AIG with $85 billion rather than see the insurance giant sink beneath the waves.
An unelected financial elite is now entrusted with the assignment of getting us out of a disaster into which an unelected financial elite plunged the nation. And yes this means us Brits too.
We the serfs are just spectators.