Friday, October 3, 2008

Seven-hundred billion dollars

It's really not that big a difference from 700 million dollars (I mean, we're only talking one letter), right?

But am I understanding this correctly? Matt and I were talking about the natural swing of an economy to it's antithesis - the whole pendulum thing - and two weeks ago he was saying that a socialist economy naturally moves toward a capitalist one and vice versa. And then the banks started shutting down and being bought up, etc.

So when I first heard about the bill, I thought, 'Well, there you have it. Socialism.' But then I realized that this is totally cheating! It's not enacting a new kind of economy or even practicing the system we have in place - it's applying the principals of socialism to our problem of debt. We're only socializing the debt. Am I right? Or am I missing something?

That's kind of crappy. At least I think so. And, in my naivety and inexperience, I'm thinking this is probably a bad idea. I don't really know what are good questions to be asking (but I wonder what renters, newly graduated college students, and the late baby-boomers trying to make it to retirement are thinking of this...); but philosophically I think there will be a price to pay for compromising the integrity of our current system. I'm not sure pretending that there is grace for the abuse that brought about this crises will yield any truly positive results.

"May you live to see interesting times" - ancient Chinese prover/curse

1 comment:

Alien said...

I agree with you. This is just socialising the debt of the failed Wall Street investment banks. I don't think this is going to solve the financial crisis.

Related Posts Plugin for WordPress, Blogger...