In a nod to Paul Newman in Cool Hand Luke, this is exactly what we have here in terms of the “bailout.”
I’m not sure if this arrogance on the part of the administration, Treasury, the Fed and Congress (God knows they all have arrogance in spades) or just the inability to properly articulate what is at stake if this problem is not solved. The news media has failed in its job as well. The very term Wall Street bailout is going to piss people off. It implies that the fat cats who screwed up are going to get saved for their mistakes at tax payers expense. This is in part true but what is being attempted goes far beyond Wall Street. And that is the point that just about everyone has failed to make clear to the public.
ABC News finally presented a story that illustrated what was going on. It was on last Monday’s World News broadcast. It was titled an animated look at the credit crunch. If you go to the ABC news site and look in the Watch Video listing you should be able to view it. (I’m not sure how long it will be up). This cartoon really put into perspective what will happen if something is not done.
Like I said there’s more than enough blame to go around in this failure to communicate. Now someone needs to start doing it fast before the market drops another 777 points.
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