Bailout Blues

"How we will emerge from this crisis is not yet known. But we know how we got into it. The question — which is about to be put to the voters in November — is whether the nation will learn from its mistakes, or whether the deregulatory, anti-government ethos of the last several decades will be alllowed to reassert itself when the economy begins to recover."


Asked by the editorial board of the New York Times, this question is haunting.
Yet still more chlling is:

"At last count, 12 million homeowners had zero or negative equity in their homes. Millions are in some stage of foreclosure. Retirement and other savings, for those Americans who have them, are being decimated, and unemployment is rising. Consumers are recoiling, an understandable reaction, but one that will reinforce the downward economic trend. There surely are more economic shocks in store, among them, corporate defaults and state-government budget emergencies"

Comments on the Bailout, anyone?  (NY Times Editorial here).

Carole

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