May 22, 2013

IT WOULD CERTAINLY HELP WITH OUR OVEREMPLOYMENT PROBLEM:

This country needs another financial crisis (Allan Sloan, May 22, 2013, Fortune)

Almost a century ago Thomas Marshall, Woodrow Wilson's Vice President, got tired of listening to senators blather on about the nation's needs and uttered the words that made him immortal: "What this country needs is a good five-cent cigar." Today, with 24/7 blathering as our national political pastime, let me adapt Marshall's 1917 remark: What this country needs to get its act together is a good five-alarm financial crisis.

I mean, look around. Except for the Federal Reserve, which has consistently tried to help the economy, misguided though some of its actions may be, about the only real changes our government has made since the onset of the financial crisis were induced by fear. The Troubled Asset Relief Program, which played a vital role in restoring confidence and stability to the financial system, was passed only because the House's rejection of it on Sept. 28, 2008, set off a 778-point plummet in the Dow. That scared the House into reversing itself.

Should have listened to Rahm and not wasted the "crisis".



Posted by at May 22, 2013 8:55 PM
  

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