There are about 100 reasons why I've not discussed the big bailout of the American financial system at this lowly blog. One reason, I can offer, is that I am not sure I even understand what's going on. In fact, even those who claim to know what's going don't seem to know what's going on, or how the trouble began in the first place. Part of me believes that before any solution can be offered, we all need to agree on what the problem is, and how the problem came into existence.
Regardless of my deep level of incompetence, I did find this article interesting. I know, I know. I have people all around me telling me the bailout is good, necessary and urgent. Even the president has spoken on the matter (and all of us blind, "paid partisan conservative hacks" obey everything the big W says). But I did like what was said in the article cited above. Now, excuse me, while I conform myself into the image of the man from whom I take all my orders.
1 comment:
Bill,
Join the crowd! I spend much of my waking hours in the "business" and still have a difficult time understanding all that is at stake.
I think more important than the mechanics of the bailout is the effect on consumer confidence. As much as we like to crunch numbers and spit out ratios, and standard deviations, it all comes down to whether Johnny Lunchbucket will feel confident enough to take his family out to dinner. The geometric, nay exponential affect of that very basic of human acivities is what makes our economy tick. The bailout's principle benefit in my view, aside from the mechanical aspects, is to inspire confidence on the part of the American people. I think that Congress should not get too caught up in getting it just right. They should make a bold move and reserve the right to make changes as conditions on the ground change. You can have an overall strategy that incorporates flexibility as well.
Peace and Blessings to us All!
Chris
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