Bailed
So the bailout bill has been signed into law. Do you feel better about the state of the economy? I sure don't...
There was a lot of talk in the pre-vote debate in the House this afternoon about how this bill would benefit "main street." It ended up passing by a wide margin, despite floods of calls to state representatives telling them to vote it down. Main street got overruled on this one, but it was all for their own benefit. I guess time will tell, but there's every reason to believe that this bill (and the money the Fed dumped into the economy) will make a temporary if serious problem into a long-term disaster. That's why the Great Depression lasted for a decade, and it took World War II to bring us back out of it.
What will it take to bring us out if it happens again?
For anyone interested in learning more about the business cycle and depressions, check out Economic Depressions: Their Cause and Cure.
There was a lot of talk in the pre-vote debate in the House this afternoon about how this bill would benefit "main street." It ended up passing by a wide margin, despite floods of calls to state representatives telling them to vote it down. Main street got overruled on this one, but it was all for their own benefit. I guess time will tell, but there's every reason to believe that this bill (and the money the Fed dumped into the economy) will make a temporary if serious problem into a long-term disaster. That's why the Great Depression lasted for a decade, and it took World War II to bring us back out of it.
What will it take to bring us out if it happens again?
For anyone interested in learning more about the business cycle and depressions, check out Economic Depressions: Their Cause and Cure.