would just be too slow to meet the worsening economic and financial crises in the United
States. This implies that he must believe that buying part interests in financial firms represents a faster bailout, although why he would think that is another paradox. After all, once the financial sector has our trillion dollars (more will come from horrendous U.S. public debt increases than from already-strapped taxpayers), why should they use that money to save our financial system? Obviously, our economic gurus, having ignored the worsening home loan crisis for years, and then having failed to act on all the other signs of economic malaise such as massive job losses and the record low in consumer confidence, have neither the ability nor the will to propose realistic solutions.
What is really needed, for starters, would be a thorough review of relevant history, such as FDR’s New Deal, the historic World War II Bretton Woods monetary conference, and
even the history of the 1980s savings-and-loan crisis and that bailout in the United States.
We could also learn a great deal from how other nations, such as Sweden, have handled
their own banking and financial crises. There are undoubtedly solutions to the present
short-term financial emergency and long-term economic malaise facing the United States.
Finding and utilizing those solutions must become a major focus for our nation, and in particular for the incoming Obama Administration. We must engage our best and our brightest minds to solve our financial and economic problems. The historical track
record of presidents from FDR to Truman to Eisenhower to Kennedy to Ford to Clinton proves that solutions do exist and can be implemented by competent people of good will.
Such solutions are unlikely to be found or implemented by Santa Henry, however; his
Elves played a major role in creating our economic and financial problems. Santa Henry’s newfound approach, like his immediate previous one, is much like the fox dividing up the henhouse and giving it, along with the chickens, to the wolves and the
weasels. Meanwhile, another set of chickens is coming home to roost at Santa Henry’s door – and at our doors also, if we fail to act effectively, and very soon.
Eugene F. Elander Copyright November, 2008
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