Wall Street Debt Panic: Who Cares?

Unless you are invested in the market, there is no reason to be concerned about a market panic as a result of a US debt default. That goes against everything the CEOs and politicians are telling you, but they are saying it because these large corporations, alongside labor unions and other pressure groups, are their bread and butter at campaign time.

If you have been following the news, you know that Wall Street is going great guns and doing just fine -- the economy is "recovering" -- despite the fact that they are not hiring in the US and are making all of their profits overseas. What they are not telling you is that many of them are still based in the US, get plenty of government subsidies and cannot continue the way they are without their Congressional cronies' tax breaks and other perks.

Since they aren't actually employing people here in the US and are unconcerned about whether or not their markets here continue to be profitable, why should anyone except their pet Congressmen and Senators care if their share prices go south due to a U.S. debt default? Add to that the unions that own the remaining Congressmen and Senators (I don't know which is worse) and who want the government to become sole remaining unionized employer, why should anyone outside of DC care whether they pay their debts on time?

Rather than depending on huge corporations or a huge labor union or the government to get us jobs, why don't we start making our own jobs? Why don't we get the government to back off on making it hard to start our own businesses locally and trade with each other and employ each other instead of worrying about what a bunch of empty suits are doing in DC and Wall Street, not to mention Sinapore, Beijing, Hong Kong or London? The only reason for so many barriers to new businesses getting started (permits, licenses, up-front taxes, etc.) is to protect the existing businesses from domestic competition, since free-trade treaties mostly prevent barriers to foreign competition.

Most people have skills that they can use to create wealth. Instead of relying on the government, massive corporations and labor unions to get someone else's wealth, why don't we create our own?

It's time for Americans to go back to being Americans and stop trying to be Europeans, with the government taking care of everything. And that is the last thing your politicians want.