My daughter and I read science fiction. One of the most common themes in recent books is the world wide great collapse. I'm beginning to think that we are facing the beginnings of that economic collapse. It's spreading around the world. My bigger fear is that as the economies collapse, a few countries will ban together to a war to get us out of it. Think about it.... WWII got us out of the Great Depression.
Or will entrepreneurs get us out of the problem with great new inventions? Will the creative brains go into engineering and science instead of investment banking?
Wednesday, October 8, 2008
Friday, October 3, 2008
Meltdown Continues
It's looking really bad for small businesses and educational institutions. Money market funds are freezing, preventing schools from making payrolls. Small businesses are having their lines of credit frozen.
The House of Representatives need to take action. They can't dither and act the way they usually do.
See The Wall Street Journal and the New York Times for articles.
www.wsj.com and www.nytimes.com.
The House of Representatives need to take action. They can't dither and act the way they usually do.
See The Wall Street Journal and the New York Times for articles.
www.wsj.com and www.nytimes.com.
Thursday, October 2, 2008
Economic Rescue Plan, aka, Bailout
I'm fascinated that after the "$700 billion bailout" for Wall Street failed to pass in the House that it's suddenly acquired a new name -- "The banking rescue plan". The media have jumped on the bandwagon.
The media realize that our nation's credit system is frozen. Small businesses, municipalities, college students, the average folks living in small towns can't get credit. What happens on Wall Street definitely affects Main Street. But folks in small towns and large cities across the nation believed the bailout was only to help people with grossly high compensation packages who live in Greenwich, CT. They called their Representatives and said, "We're mad as hell and won't take it. Vote 'NO!'" They didn't realize that voting "NO" would harm them in their everyday lives. They didn't understand the interconnectedness of the financial system.
Hence, the name change, and some other tweaking to make the bill more palatable. I heard Obama speak in favor of the bill, and he made great points about its importance to businesses and individuals across the nation. I just hope the House of Representatives votes in favor of the plan.
Our economy really depends upon the free flow of capital -- the circulation of money -- and access to credit. I mean, think about it. Painters and contractors ususally get 30 days to pay for their materials. When that credit dries up, they can go out of business immediately.
This rescue plan is for all of us -- not just "fat cats."
The media realize that our nation's credit system is frozen. Small businesses, municipalities, college students, the average folks living in small towns can't get credit. What happens on Wall Street definitely affects Main Street. But folks in small towns and large cities across the nation believed the bailout was only to help people with grossly high compensation packages who live in Greenwich, CT. They called their Representatives and said, "We're mad as hell and won't take it. Vote 'NO!'" They didn't realize that voting "NO" would harm them in their everyday lives. They didn't understand the interconnectedness of the financial system.
Hence, the name change, and some other tweaking to make the bill more palatable. I heard Obama speak in favor of the bill, and he made great points about its importance to businesses and individuals across the nation. I just hope the House of Representatives votes in favor of the plan.
Our economy really depends upon the free flow of capital -- the circulation of money -- and access to credit. I mean, think about it. Painters and contractors ususally get 30 days to pay for their materials. When that credit dries up, they can go out of business immediately.
This rescue plan is for all of us -- not just "fat cats."
Subscribe to:
Posts (Atom)