Economic Rut – Financial Market Reforms a Must
President Bush has openly admitted that the country needs extensive overhaul of it’s financial market regulation system. The current crisis stems back from the Enron and other multi-national firms being linked to illegal insider trading which shook the financial markets. Then followed the sub-prime lending money woes which had lenders shelling out billions just to cover losses they have incurred due to bad loans. The economic crisis is reaching a point at which the Federal Government’s denial of a recession being a total blind note for everybody on the street says the country is already in one. Consumer spending is showing the crunch in the economy with sales being in all the rage. Problems like identity theft that further tax financial institutions are not helping either and the problems just keep on piling up.