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  • From: Lynn Wigglesworth <lynnw1366 AT hotmail.com>
  • To: <homestead AT lists.ibiblio.org>
  • Subject: Re: [Homestead] They Just Don't Get It
  • Date: Tue, 30 Sep 2008 07:36:39 -0400


I disagree with Pearlstein. What the government wants to do is the
equivalent of an individual running his credit cards to the max, then
looking around frantically for a new credit card to use. We need to
tighten our collective belts and live within our means. It's going to
hurt, however you look at it, but I'd rather have a recession/depression
that lasts ten years and teaches people about fiscal responsibility than
this credit house of cards that will indebt our great-grandchildren and
will collapse every few years.

"And they will come around, reluctantly, to the understanding that the
only way to get out of these situations is to have governments all
around the world borrow gobs of money and effectively nationalize large
swaths of the financial system so it can be restructured, recapitalized,
reformed and returned to private ownership once the crisis has passed
and the economy has gotten back on its feet"

That's got to be one of the WORST ideas I've read in a long time. At
least if we want to be a capitalist, free-market country. Has the
government EVER backed out of something once they got their fingers in
it? In a true free-market economy, businesses fail. People who invested
in those businesses suffer the consequences, too.

Lynn Wigglesworth

bob ford wrote:
> This is an editorial coming out in tomorrow's Wash. Post. I don't trust
> anything from the NYT right now; They are too dependent on the Wall Street
> Wizards for their money and influence, and it shows in their reporting and
> editorials. Without the Wizards, they'd be just another big town rag.
>
> Pearlstein is a smart guy and gets right to the heart of what is happening
> and what could happen as consequence. He has an opinion, but his
> explanation is helpful, even if disagree with opinion.
> ***************************************************************************
>
> They Just Don't Get It
>
> "The basic problem here is that too many people don't understand the
> seriousness of the situation.
>
> Americans fail to understand that they are facing the real prospect of a
> decade of little or no economic growth because of the bursting of a credit
> bubble that they helped create and that now threatens to bring down the
> global financial system."..........................
>
> ........."In the coming weeks and months, all of these people will come to
> understand how deep the hole really is and how we're all in it together.
>
> They'll come to understand that the giant sucking sound they hear is of a
> massive deleveraging of the global economy and the global financial system
> as households, governments, businesses and investment funds adjust to
> living in a world with less debt and more inflation."
>
>
>
>
> http://www.washingtonpost.com/wp-dyn/content/article/2008/09/29/AR2008092902762.html?nav=hcmodule
>
>
>
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>
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