We haven’t had a “free market” for years -liberal policy that became legislated created the subprime market. Fannie and Freddie sneezed and the ‘something for nothing virus’ -spread throughout the global system. It was a ponzi scheme of sorts and a scam of the first order and the entire economy of the world has been based on it for years now.
Cynical? Damn right I’m cynical. The reputation of Wall St has been ruined by the ruthlessness and rapacious greed of some.
Questioning my character- or that of others who don’t trust Paulson cleverly changes the subject, doesn’t it? Too many people who will be implementing this bailout are part of the mindset that created it in the first place. I know the excuse for that is that no one else understands how to deal with these complex instruments and toxic assets. We, the unsophisticated.
Shake your head in superior dismay at my dismal lack of knowledge, call me cynical and lacking character- all that while worldwide banks are failing, markets tank and the days of unearned credit die an ugly death.
I agree with you about one thing- these are serious times. Time for people to sober up. Unfortunately- people who didn’t participate in this orgy are finding themselves paying the price for those who did.
I appreciate your sentiment and emotion (and your tag line).
My point is the cynic does nothing to help the situation and in many cases makes it worse. In my experience, in the broadest sense, there are two types of people in the world — those that do and who are not afraid to lead; and those who sit by and go along for the ride and when things work out they reap the benefit and when things don’t work out, out comes the knives slashing away at those who acted.
So yes, I question the character of the cynic. There is a difference between a cynic and a critic.
Its obviously no fault of yours, nor is it of Hank Paulson’s, George Bush’s or even Barney Frank’s (as painful as it is for me to write). That is how capitalism works. The millions of actions and transactions that occur by millions of people over time create an economy. Sometimes things go off in the wrong direction, as has just happened, and it takes real skill and courage to get them back on path while avoiding disaster. Its happened before in our economy, just not in quite some time.
I do absolutely believe Paulson and Bernanke are our best chance at getting this right. If what they are trying doesn’t work, the angst we all feel today won’t compare to what lies down the road.