I’ve been resisting posting too much information on the current financial crisis going though it’s getting more heated, especially now that Washington, DC is involved. The news this morning is that we’re getting closer to a deal on bailing out the financial industry. Evidently, the contentious points don’t necessarily have to do with the amount but the terms under which the federal government is going to provide this money. There is a lot of talk about how this is critical to our economy though the Denver Business Journal has several articles this week talking about local banks, who remained conservative in their lending, having money to loan, esp for mortgages and small business assistance. We as Americans should be extremely concerned with all the fear-mongering from DC while having $700 billion, our entire national defense budget or the cost of the War in Iraq, being spent in a week on a bailout of private companies.
We’ve heard that this is resulting from industries that have grown so large that we can not afford to have them fail because of their economic clout, though at the same time, banking regulators took over Washington Mutual this week and had it sold off to JPMorgan Chase, creating an even larger behemoth. Congress and the Federal Government have such minimal credibility at this point that people aren’t buying into this bailout and want the government out of the picture.
Read an excellent post from OpenMarket.org on this debacle, it’s history, and other solutions. What are your thoughts?
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