Tuesday, September 23, 2008

Random Thoughts on the Financial Crisis

Believe it or not, I rarely say everything I think, but here are some random thoughts of mine.

Bear with me:

Today, the Congressional Banking Committee will hear arguments for the $700 billion bailout plan, giving unprecedented and nearly unfettered power to right the American economy.

The last time we had to rush to a decision was with the Patriot Act. Why are urgent decisions made by Congress lately, involving the restriction of freedoms and handing over unprecedented power to government? I thought we had ushered in the age of 'less' government.

A renown surgeon was teaching her students a very difficult procedure. 'You have less than a minute to tie off this artery or your patient will bleed to death,' she said, '...so hurry up and take your time'.

Will those who believe that charity is the only way to take care of the poor, still believe that when they become poor?

How rich do you have to be to believe that the bailout is not a good idea?

Given the fact that the party in power almost always gets blamed for bad economic times - how far ahead would Barak Obama be in the polls if he were white?

Why have people been saying, 'Now is not the time to assign blame and point fingers'? Are we to honestly believe that no one is to blame? What happened to accountability?

Why doesn't either candidate say - "I know what I've told you my economic strategy is, but these circumstances call for a new game plan and I'm working on one." Have we gotten to the point where thoughtfulness is not a quality we want in a president?

Did our president really have to wait for 'the experts' to tell him that the markets were 'linked' and that 'ordinary people' would be hurt?

When you were in school, how much time did you spend counting in trillions?

The start of the 21st century seems eerily like the start of the 20th century, only with better technology.

What does it tell us when a crisis is so deep that there is only one plan?

What would the country do if we couldn't borrow $700 billion?

When all the experts tell us that the number of people classified as poor is growing by the thousands every year, why has there been no urgent action called for?

How much are our children learning about economics in school?

In times like these who do people who don't trust in God trust?

1 comment:

belinda said...

For me, I've found that I end up regretting a lot of "rash" decisions I make. We need time to think things through, have all the facts so we can make a sound decision.

"Will those who believe that charity is the only way to take care of the poor, still believe that when they become poor?"
I don't think so. The world looks different when it's happening to YOU.

"How rich do you have to be to believe that the bailout is not a good idea?"
I don't think you have to be rich at all. Maybe the exact opposite. By and large we're told (usually by republicans) that when you have a financial crisis, somehow it's our fault. Now that sounds good when they're talking about people doing without medical care and housing but not good when the problem hits them in the wallet.

"Given the fact that the party in power almost always gets blamed for bad economic times - how far ahead would Barak Obama be in the polls if he were white?"
This is an interesting question. I am worried that some people won't be able to see beyond the race issue and will not vote for Obama simply because his skin is a different color than theirs.

Yes, someone is to blame. I'm 50 years old. I remember deregulation being introduced by Ronald Reagan. In my opinion, that was the beginning of the present problem. As for holding someone accountable, it doesn't appear that it will be the ones that actually screwed up, but will be the responsibility of the American taxpayers. This is wrong. Many are struggling to get by while the people at the top that gambled and lost are living in mansions and never having to worry about getting sick or buying gas and groceries.

As far as "borrowing" the $700 billion, IMO it looks more like we're counterfeiting - making money that we don't have anything to back it up with.

"When all the experts tell us that the number of people classified as poor is growing by the thousands every year, why has there been no urgent action called for?"
Because they're not the ones affected.

"How much are our children learning about economics in school?"
If it's the same things I was taught, not nearly enough.