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understandinglife's Journal
Posted by understandinglife in General Discussion (1/22-2007 thru 12/14/2010)
Fri Sep 26th 2008, 12:03 AM
Many people on both the right and the left are outraged at the idea of using taxpayer money to bail out Americaís financial system. Theyíre right to be outraged, but doing nothing isnít a serious option. Right now, players throughout the system are refusing to lend and hoarding cash ó and this collapse of credit reminds many economists of the run on the banks that brought on the Great Depression.

Itís true that we donít know for sure that the parallel is a fair one. Maybe we can let Wall Street implode and Main Street would escape largely unscathed. But thatís not a chance we want to take.

So the grown-up thing is to do something to rescue the financial system. The big question is, are there any grown-ups around ó and will they be able to take charge?

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The bottom line, then, is that there do seem to be some adults in Congress, ready to do something to help us get through this crisis. But the adults are not yet in charge.


Senator Obama - TAKE CHARGE.
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