It’s going to take more than these huge, economic, bandages to get the American economy back on track. It’s going to take a wholesale change in monetary philosophy. I’m no economist, but I do put gas in my car and I do shop for groceries. What we’re doing now is NOT working.
Bear Stearns has been rescued, and its shareholders have been placated. Wall Street has several invigorating injections of billions of tax-payer dollars. Now that a great deal of public wealth has gone to prop up private wealth, maybe some of that public wealth can be used to help, well, the public. But only if the free market fundamentalists in the Bush administration stay out of the way, or trip over themselves while hurrying to offer their idea of a remedy. Clearly something’s up, because both the White House and Congress [...]
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