Posts Tagged ‘financial crisis’


John Riley, Cornerstone Investment Services

My brother, a scenic design artist in Hollywood, who has no understanding of economics at all, summed up the California budget problem like this:

The Government asks,“Who wants ice cream?”
And everybody answers, “We want ice cream!”

The Government asks “Who wants to pay for the ice cream?”
And everybody answers “We don’t want to pay for it!”

That is the municipal fiscal crisis in a nutshell.

Cities and states have the same problem as banks and real estate did a few years ago – too much debt. It is part of the still unfolding Fiscal Crisis that started in 2007.


What the midterm elections proved is that the American people do not trust Barack Obama to lead them. And trust, that magic five-letter word, is the most important element in the relationship between a nation and its government. … The scars from the financial crisis are still raw and unhealed; unemployment is a cruel scourge; and there are terrible threats to the country’s internal and external security, with the future overshadowed by emerging superpowers and competitors. And there is no one to trust. The U.S. has all kinds of problems. But its biggest over the course of the next two years is how to find a leader who will inspire through character and integrity, vision and resolution, courage and judgment the belief, faith and confidence that Americans have always warmly given to the right person — someone they can trust.

historian Paul Johnson