Editorial
Restoring trust and confidence in any system is a slow methodical process. Restoring confidence in the United States financial system is even more difficult, but not impossible.
The headline said ”Banks Profit from Unemployed Customer”. Well, duh. That is what banks do, if they can. Banks aren’t selective. They profit from the employed and unemployed alike. Except in this case, the customer is the state. The state has the contract with the credit card company in order to use their services to distribute unemployment benefits.
Here is some food for thought during the current financial crisis. When I read the book “The Millionaires” I realized that I used some of the same words in previous blog articles and off-the-record discussions:
The Dow Jones industrial average plummeted during President George W. Bush’s time in office, in a way not seen since Herbert Hoover’s term during the Great Depression. That makes Bush the first president since Richard Nixon to preside over a declining Dow. In percentage terms, Bush’s 21.8 percent Dow drop is the worst showing since an 83.2 percent decline under President Herbert Hoover, whose term included the 1929 stock-market crash.