Imprisonment in Recent Financial Collapse Assignment - 1

Imprisonment in Recent Financial Collapse - Assignment Example The situation resulted in heightened joblessness and social insecurity. Restoration of financial strength required intervention by respective governments as in case of United States it was the Bush administration who responded with a financial relief program for major firms, â€Å"The Troubled Asset Relief Program, or TARP -- to provide these financial institutions with funds to survive the turmoil that they had helped unleash. It was a distasteful but necessary thing to do.† (Obama, 2010). Yes, the intellectual crime can be termed a serious crime and the response should be tried and imprisoned but only if it was a deliberate crime that can be attributed to an individual or a group. However, if it is not the case and there is no one to take the burden of this heavy odd to world economy then we have to revisit our approach to the issue. The best response to an intelligence failure is to redress it intellectually. Recovery from the recent financial crisis, no matter to what an extent we have recovered, is also featured through the help of the same experts, intellectuals, and firms. If masses were troubled due to the worst financial slum of the history they also owe to the efforts of the financial experts who find a way out to restore and regain the financial strength. Nevertheless, if some organizations or individuals who were supposed to protect the financial integrity and economic structure and they could not meet the expectations can be interrogated for their failure to avoid any such mistakes in the future. Even then if some segments find it indispensable, a mechanism of penalty can be designed to intensify the sentence. That is what the American president has uttered a year ago while imposing a Financial Crisis Responsibility Fee, â€Å"And that is why, through this fee and broader reforms that we seek, our goal is not to punish Wall Street firms, but rather to prevent the abuse and excess that nearly caused the collapse of many of these firms and the financial system itself.† (Obama, 2010).