From the article that made fun of Warren ‘s letter, I see lots of blamings, and then when it comes to “alternative” solution, it looks back and asks for fixing the “cause” by simply retracting, going backward toward the causes of the crisis and fix there, reminding me of similarity to Hoover’s responses to the great depression.
Many assume that because one knows the cause of the crisis now, to fix it, one simply do the reverse course to save the day. That is not correct in all circumstances. When the world was at risk of a financial collapse, losing credits, stop lending, a greater than a depression was looming to jump out and sink for good the world economy as we know it. All of the feds actions to throw money at the problem, save the banks, save the big investors, save the pillars of the financial system-regardless of how unfair it was at the time- eventually come back and saved us all.
The term “bail out” has been over-used and have created knee jerk reflexes without much thinking of the benefits to us all.
Yes, it was your tax money that did these bail outs. Yes, without these bail out, you may not have a job right now, much less paying taxes to uncle Sam.
I give an A for the Ben and Co for the efforts they have done and the results of buying time for a defective ship from sinking immediately. Buying time has its side effects, but at least we are alive to fight the side effects in another day.
