Well what to think about the last week. Here are a few quick thoughts. I'll be doing a more in depth post a little later.
What a mess and that's putting it mildly.
Treasury Secretary Henry M. Paulson and Federal Reserve Chairman Ben S. Bernanke are getting a great deal of praise for their quick action. For coming up with a comprehensive plan to solve this problem. Instead of it being death by a thousand cuts.
Is the plan necessary? You better believe it.
Was it avoidable? I think you can say you better believe it.
After all these are the two geniuses that said last August that the subprime market would never have any impact on the general economy. Guess they were wrong on that one big time.
It almost boils down to when the average guy gets in trouble well he has to bear the consequences of his actions. But when the rich guy gets into trouble well we can't have that. There are little or no consequences for his actions. That might be a slight exaggeration but not by much.
The bottom line is that our government should have been more aware and involved with what was going on and it wasn't. They were asleep at the switch and now we are paying in a very big way the consequences of that.
No comments:
Post a Comment