Last Day -- what will end up getting done?

Posted by: Indian Run Sage

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We are now down to the last day of what we have been preparing for for months.  The question now is what will the parties attending emerge with as results of this expensive, taxing show?
I smell a rat.  For me, the most important question has been what will these people agree upon at this summit that will act to see to it that neither America nor the rest of the world goes into another economic recession?  I don't think this one is over yet either in that the high unemployment, lack of job creation and the corresponding home foreclosures, credit card defaults and other intense misery that has hit not only Americans but people around the world is continuing.
One clear, necessary step is that the banks and financial houses must be shut off -- the way the security forces have shut off Downtown -- from running a game on us again for their profits.  That means regulation of them.  The Europeans want it.  European Commission President Jose Manuel Barroso said so Thursday at the University of Pittsburgh.  The people who may not want it are possibly President Barack Obama, almost certainly Treasury Secretary Timmy Geithner, and the American fat cats -- you know, those people who get seven-figure salaries and bonuses and dish up campaign contributions to our politicians.  But without such measures, the American and world economies run a very high risk of being right back in the mud again as soon as the Wall Street geniuses can figure out another game to run on us.
The latest is that they buy life insurance policies from old and sick people, bundle them and "securitize" them (turn them into bonds), and then sell them.  If the old and sick people die sooner, they make big time.  (A good argument for strangling health care reform.)  Too bad if they live too long.  That might call for contracts on them.
Anyway, the gang of 20, perhaps led by Washington, appear to be in the process of floating the Iran menace to distract the media and the American people from asking just what good for us came out of this Summit.  It's not too late, but sniff the air warily for Essence of Rodent as this thing wraps up. 

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