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Bethlehem, Pa., September 19, 2008—“This financial crisis has been brought about by years of irresponsible lending and investing by financial institutions with no oversight from the Treasury Department, and funded by an inflationary Federal Reserve-centered financial system which provided endless cheap money,” said personal financial specialist John D. Rossi, III, associate professor of accounting at Moravian College.
On September 15, Lehman Brothers filed for Chapter 11 protection with the United States Bankruptcy Court. Just one day prior, Merrill Lynch was sold to Bank of America to avoid a similar fate. At the same time American International Group (AIG) sought a $40 billion lifeline from the Federal Reserve. “Just as the drunken partygoer always endures a hangover the morning after, American investors and borrowers, addicted to years of the unnaturally cheap and easy credit that inflationary policymaking creates, are now experiencing the inevitable long-term consequences of such financial mismanagement,” Rossi explained.
“The bloodbath on global financial markets and the second U.S. bail-out crisis in September serve as evidence of how severe an economic crisis we are in.” Rossi notes. “Bankruptcies and U.S. government bail-outs are coming with such rapidity that even the financially ignorant cannot ignore them. The Federal Reserve and the Treasury are said to be ‘resisting’ any more bail-outs; however, one wonders if they can ignore the political pressure that resulted in the bailing out of Bear Stearns in March or socialist style takeover [Fannie/Freddie] in July.”
Rossi is a seasoned and proven accountant, financial planner, business leader and lecturer with twenty-five plus years of business and academic experience. Rossi has led a career that included several regional CPA firms and extensive teaching. He founded the CPA firm of Rossi & Co in Allentown, Pa. and later merged his firm with Ellwood & Company, PC. Today, Rossi is an associate professor of accounting at Moravian College in Bethlehem, Pa. Rossi is also president of JR3 Management Services, PC specializing in financial reporting, taxation and consulting services.
Rossi is the author of several articles related to his research interest in the area of financial reporting, taxation and personal finance. He has been quoted extensively in newspapers and magazines on issues related to his expertise. In addition, he is a frequent presenter on technical and management issues at workshops and Continuing Professional Education Seminars.
Rossi holds an M.B.A. from Moravian College, and a B.S. degree in Accounting & Finance from La Salle University. He holds the following professional certifications: CPA (Certified Public Accountant); CMA (Certified Management Accountant); CFM (Certified in Financial Management); and CFP® (Certified Financial Planner).