Broken System… Yes, But Which One?
October 31, 2008
In the same line, I am sure everyone has heard that a large portion of the $700B bail out package passed by the Congress to give more liquidity to the financial institutions are ear marked to go for executive bonuses and paying out dividend to shareholders… And they blame trial lawyers for all the ill we are facing.
In the case of so-called lawsuit abuse, what the ILR does not mention is that America’s economic crisis is happening right now as a result of the deregulation of the financial industry, or in other words, the accountability-free zone the Bush administration has given to America’s largest businesses to screw around in. The corruption and greed that now runs rampant in these businesses, and which both parties recognize as the ultimate root of the financial crisis, has grown to its cancerous proportions not because of lawsuit abuse, but because of tort reform, which has already given our biggest businesses carte blanche to risk—and lose—the jobs, retirement plans, and life savings of everyday Americans without the threat of legal consequences.
Let’s all recognize the ILR’s “Broken System” (BS) for what it is.