While there are many reasons that the stock market and the economy are currently in a horrible funk, it would be very unwise to discount how important the lack of accountability in the stock market is right now. Every day we see more signs of less and less transparency in the markets and more clouded views of exactly what is going on. 

It all started back in March when Bear Stearns executives continued to reassure investors that things were just fine at the company. Just a few days later the company had to be bailed out by the government and JP Morgan Chase. The story has continued as banks and brokerages such as Washington Mutual, Merrill Lynch, Morgan Stanley, Goldman Sachs, and others have all either merged or been bailed out by the government.

Just today Bank of America announced it needed $20 billion more in government support so that it could takeover Merrill Lynch. As everyday Americans get home and hear this news they are sure to be furious. They have a right to be! Right now it seems the banking industry can’t even get their own numbers straight, which is certainly concerning for the everyday tax paying citizen who is footing the bill.

Americans are tired of hearing people say everything is fine and then days later being bailed out by tax payers hard earned money. The fact is investors on Wall Street typically take bad news fairly well, but what we’ve been getting lately isn’t just bad news. Lately what we have gotten are empty promises and no transparency or accountability. Until Wall Street and the banking sector of our economy can get its act together and open up their books to the public uncertainty will reign and the American people will be very skiddish about this economy. I think I speak for all Americans when I say just tell us the truth about how things are going, don’t sugar coat things and then file for bankruptcy three days later.