It has been a stunning week. I was telling M last night we are watching history in the making. That the next depression could happen when we thought we would never see another. I wonder to myself if my generation, and the next and my son's are "make-do" enough to survive such hardships that my grandmother saw, that reflects in the way she raised her own children ... to make-do and be thrifty. I also ask M if they were even talking about this at his school? I kept telling him, THIS IS Big. Big news, big happenings, we are shaping our destiny and I am not sure I want to think about the near future view. To hand over $700 billion, without over-sight to shore up failed banking systems when they have walked away with billions themselves seems to me ridiculous. I am not a financial wizard ... and I don't have any thoughtful alternatives. But if I hear that some CEO is leaving his company in ruins and walking away with millions of dollars in our loaned out tax monies, I am going to be really pissed off!
D and I were pretty much left speechless after W's explanation of this mess we are in ... here is an Analysis by Terence Hunt: How did it happen, America's grave financial crisis? President George W. Bush offered a bunch of explanations but held Washington completely blameless, painting a picture of a government standing innocently on the sidelines as the economy went off the rails.
Somehow, under Bush's scenario, the country wound up at the precipice of "a long and painful recession" at a time when, apparently, the Congress, the White House, the regulators and the Fed were doing exactly what they were supposed to be doing. Now that the economy has tanked, Bush says the federal government is responding with "decisive action." (Right, that is about the time last night that I was going ... "wwhhhhaaa?"
If Molly Ivins were only alive to write about this!
Seven Better Uses For $700 Billion.
What they got away with
point of view
1 hour ago