It's not the $700 billion that raises my hackles, but the distrust that it will only prop-up a house of cards. If it were up to me I would let the thieves of Wall Street fall. They don’t deserve a bailout of any kind. Frankly it would be a great catharsis for the country in witnessing the dynamic of comeuppance when the pharaohs of the great temple turned to dust. For too long the artificial systemic of money making money under the cloak of subprimes, derivatives, and other arcane, opaque gimmicks as opposed to the natural progression of capitalism to develop intellectual and concrete products for the common good. It is time to return to the Jimmy Stewarts of the economy to invest in making things that matter most, therein putting the country to work.
If the government declared a moratorium on foreclosures on small businesses and primary residences for a year while it collected its wits to target a trillion or so dollars in order to subsidize creative 21st Century works. For starters, revitalizing the auto and energy industries to go green; directing the building industry away from casinos, luxury hotels, stadia, homes, and toward creating jobs that actually have meaning, like school construction, restoring factories to compete globally, clearing urban blight, along with the general needs of an infrastructure in shambles. Nor should we ignore—rather jump start—commonsense oil drilling and furthering clean coal so the economy could regain its health and hopefully melt away the crises.
Alas, again, Congress is going to be stampeded by misinformation and later regret.
Copyright © 2008 Richard R. Kennedy All rights reserved. Revised: Sept 23, 2008.
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