Type: Economics
Pages: 2 | Words: 311
Reading Time: 2 Minutes

The financial crisis has marked a turning point in the economies of multiple countries. However, many Americans feel that this is their government which let down the whole world. Inside Job is a great outline of the causes and the following results created by common people who have failed to exercise the responsibility entrusted to them by millions of citizens across the whole world. Their recklessness and inattentiveness have laid the basis for the overall crisis that led to the unemployment of hundreds of thousands of people.

Alan Greenspan considers the Republicans to be the one who should be blamed for the financial deficit as starting with the campaign of George Bush, the true principles of financial transactions were lost. The President did not veto the spending bills which led the country into a massive deficit.

What I cannot agree upon in Alan Greenspan’s views is his comment on the market fraud. Market is a very fragile and sensitive structure which similarly may become a kind of a clockwise bomb in the hands of mean people. Therefore, there should be an expanded control over all sectors of the market which would sustain the continuous keeping-up of honest and effective market transactions. There are a lot of countries in the world which are drowning in the corruption and market fraud — most of them are third-world countries with high criminal rates as well as even higher unemployment level. The United States should never become one of them.

Private markets can regulate themselves only under a careful supervision of the higher regulation body which would be responsible for the keeping up of the financial principles equally by all institutions. However, now it is too late to criticize what has happened — the government should concentrate on solving the intricate situation and not try to find the one to blame because no time should be wasted anymore.

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