This is a time that will be remembered in the history books. It’s certainly the end of Reaganomics and it may be the beginning of a massive worldwide depression. The issues are complex and there are way more than two sides to this, but I will say this: the Federal government as well as the governments of all the developed nations need to act immediately to forestall an economic catastrophe. There are some who are saying we ought to have let the banks fail — a variation of the laissez-faire attitudes that brought us the Great Depression. Yes, these bankers are hardly sympathetic figures — but there’s a fire raging and the whole world is at risk at this point.
The bailout was highly flawed, and yet, SOME sort of bailout needed to get passed … but it isn’t going to be enough. MUCH more needs to be done. May you live in interesting times.permalink |