Looks like we dodged the bullet one more time and the whole global financial system is not going to implode after all. The stock market has recovered somewhat, and banks are getting assistance from government. The financial life of the world goes on.
But have we learned anything from this near-disaster? Is anything going to change in the way business is conducted? Are we going to continue to over spend, over borrow, over speculate, and over lend?
And what is this bailout going to do to the national debt?
The money has to come from somewhere, and since we are already borrowing millions, maybe billions, to cover the cost of government, the cost of the war, the cost of social services, where is this extra money coming from?
I am not an economist, and some people may find my approach to global economy a bit too simplified, but I’m savvy enough to know that borrowing to solve the banking problem is a short-term fix with some serious long-term negative effects.
So, to me, balancing the federal budget has become the primary issue for the coming election and is what the government should be focused on for the foreseeable future.
And may I make a suggestion to the next president-elect, why not cancel 95 percent of the inaugural ceremonies and parties that cost millions of dollars, and ask the lobbyists who pay for most of the parties to donate those millions to the cause of saving the economy. If you thought the general public was disgusted with the AIG execs who partied hearty after their recent bailout, imagine the reaction to the lavish inaugural parties.
Whoever is willing to do that, as well as stop all non-essential spending will have my vote.